While both the 30-year fixed-rate and 15-year fixed-rate mortgages stayed pretty steady last week, things are a bit different in the latest Bankrate report. The report revealed that while the 30-year fixed-rate held steady, the 15-year fixed-rate dipped.
"The average 15-year fixed-mortgage rate is 3.58 percent, down 9 basis points over the last week," according to Bankrate.
"Monthly payments on a 15-year fixed mortgage at that rate will cost around $719 per $100,000 borrowed. The bigger payment may be a little tougher to find room for in your monthly budget than a 30-year mortgage payment would, but it comes with some big advantages: You’ll save thousands of dollars over the life of the loan in total interest paid and build equity much faster."
Meanwhile, the 30-year fixed-rate mortgage remained at 4.31 percent from a week ago, however, it is down .08 percent from one month ago.
"Rates for mortgages change daily, but, overall, they are very low by historical standards," according to the report.
"If you’re in the market for a mortgage, it may make sense to go ahead and lock if you see a rate you like. Just make sure you’ve looked around for the best rate first."
To learn more about the current mortgage rates and predictions for where they may be in another week, click on the image above.