According to a December 9th article in The Wall Street Journal 15 year fixed rate mortgages are gaining popularity. The shorter term means your monthly payments are higher than with a 30 year mortgage but if you currently have a 30 year mortgage at a relatively high rate, refinancing to a 15 year mortgage now does not raise the monthly payment that much. Not only do you pay off the loan quicker but the total interest cost is much lower.
Don Grafues
Resource: Ruth Simon of The Wall Street Journal
Resource: Ruth Simon of The Wall Street Journal
