How is the mortgage rate for 15 years formed?
Existing 15 year lowest mortgage rates are currently higher than in recent years and may continue to rise. You can still lock in the rate below 5% if your finances are ordered.
Reasons to refinance into a 15-year mortgage
Many homeowners choose to refinance a 15-year fixed-rate mortgage to a fresh 30-year equivalent. While this may lower your monthly payment, it does add additional years to the total amount of time you will finance your home. It means you will pay more in real interest on the combined terms of your original loan and your refinanced loan than you might expect.