Mortgage Rates Fall for Week of August 31

In addition to lower 30 FRM rates, 15 year FRM rates fell to an average of 4.67% This represents a great deal if you're planning on paying off your mortgage faster. Those seeking the lowest mortgage rate can consider a 5/1 adjustable rate mortgage (ARM), offered at an average rate of 4.35 percent last week.

More than Getting the Lowest Mortgage Rate

Whether you're buying a home or seeking a home refinance, you can find a mortgage loan to meet our needs. Let's consider how mortgage loan features can match your financial and housing goals:

• 30 year FRM: This is the old standby of mortgage loans, and for good reason. A 30 year FRM provides consistent P&I payments amortized over 30 years.
• 15 year FRM: For those who can afford higher monthly payment amounts, a 15 year FRM can be a great choice. It's possible to save thousands of dollars by paying off your mortgage in 15 years compared to a 30 year FRM. Your monthly payments are higher, but your mortgage rate for a 15 year FRM is typically lower than for a 30 year FRM.
• 5/1 ARM: This mortgage loan is sometimes called a 5/1 hybrid mortgage, as it offers a fixed mortgage rate for the first five years and then it switches to an adjustable rate mortgage (ARM.) This mortgage is a good bet for those planning to move in a few years. If you want to sell or refinance before the ARM feature kicks in, be sure to read all terms of mortgage quotes, and verify with lenders that this type of mortgage is not subject to penalties for early payoff.

Getting mortgage quotes from our lenders and talking with them about what type of mortgage loan or home refinance you need can help you get the right mortgage at the lowest mortgage rate available to you.

Our live database of current mortgage rates can help you find the best mortgage rates in our area.