One common type of mortgage is a conventional loan with a 15-year fixed interest rate. With a fixed rate, your rate and monthly payment will stay the same throughout the life of the loan.
If you can afford the higher monthly payments, a 15-year fixed mortgage allows you to pay off your home loan faster at a lower interest rate. Alix is a former CNET Money staff writer. She also ...
Note that rates on 15-yearmortgages tend to be lower than rates on 30-year loans, but higher than rates on 10-year loans. The current average rate on a 15-year refinance is 6.75 ...