Mortgage rates are changing! This means the cost of borrowing money to buy a house is going up or down.
- Rates have gone down a tiny bit recently.
- A 30-year mortgage is like a long-term loan to buy a house.
- A 15-year mortgage is a shorter loan, meaning you pay it off faster.
- Fixed rates stay the same for the whole loan. Adjustable rates can change.
| Mortgage Type | Rate (approx.) |
|---|---|
| 30-year fixed | 6.89% |
| 15-year fixed | 6.05% |
