There are two traditional types of financing for a house, the 30-year fixed mortgage and the 15-year fixed mortgage. In a low interest rate environment, buyers may look to finance their home with a 15-year mortgage since the rates are lower than 30-year mortgage rates and they will capture more equity in the house faster. A mortgage rate should be no more than 25% of your take-home pay. The average 15 Year Mortgage Rate was 5.97 as of May 25, 2023.
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