Mortgage rates are the interest you pay when you borrow money to buy a house. Recently, these rates have gone up just a tiny bit! This means buying a house might cost a little more each month.
- 30-year mortgage rates are around 6.57%.
- 15-year mortgage rates are about 5.88% (you pay more each month, but finish paying it off sooner).
- Paying off your house in 15 years saves you money on interest in the long run.
| Mortgage Type | Interest Rate |
|---|---|
| 30-year fixed | 6.57% |
| 15-year fixed | 5.88% |
Experts aren't sure if rates will go down soon. House prices are still pretty high, too. It's important to talk to a grown-up before making big decisions about buying a home!
