Best Current Fixed 15-Year Mortgage Rates + 15YR FRM. – In 2016 the 15-year fixed-rate mortgage was the second most popular option after the 30-year. Borrowers save money two different ways by choosing a 15-year over a 30-year loan. The shorter loan duration typically comes with a interest rate that is about 0.25% to 0.5% lower than the 30-year option.
Mortgage Refinance Calculator from Bank of America – An Adjustable-rate mortgage (ARM) is a mortgage in which your interest rate and monthly payments may change periodically during the life of the loan, based on the fluctuation of an index. Lenders may charge a lower interest rate for the initial period of the loan. Also called a variable-rate mortgage.