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Homeowners Leaving 15-Year Mortgages For 30-Year Loans – Today’s Mortgage and Real Estate News

https://growella.com/mortgage/ ► Today’s mortgage and real estate news: (1) A Freddie Mac report shows that homeowners are refinancing away from their 15-year fixed-rate mortgages and choosing 30-year fixed-rate loans at the fastest pace in a decade; (2) Today’s mortgage rates, plus a look at the 5-day trend in interest rates; (3) At the start of the year, mortgage experts made predictions about the future of U.S. mortgage rates — and many of those predictions were wrong.

FROM THIS EPISODE
According to Freddie Mac’s most recent Refinance Report, U.S. homeowners are refinancing out of their fifteen-year loans and into thirty-year ones at a faster pace right now than during any other time this decade. Through the first three months of the year, Freddie reports thirty seven percent of homeowners refinancing a 15-year mortgage elected to replace their 15-year loan with a thirty-year fixed-rate loan instead. Now, there are benefits in moves like this — monthly payments are lower by about half and cash flow frees up — that can be good. But, there are long-term effects, too. Like, when you pay interest for an additional decade-and-a-half, a typically-sized loan will require an additional $126,000 to pay the loan back. Refinancing is a personal choice and there’s no best path that fits everyone.

Jump to the following:
(00:13) Which is better: 15-year mortgage or 30-year mortgage?
(01:36) Today’s mortgage rates and the 5-day interest rate trend
(01:58) Mortgage Rate Predictions for 2018 and 2019

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