Is it better to get a 15-year mortgage or pay extra on a 30-year?

There are pros and cons to each approach. A 30-year mortgage gives you the flexibility to make larger monthly payments when you can and fall back on the minimum payment when times get tough—whereas a 15-year mortgage locks you into larger payments for all 15 years. But if you’re approved for a 15-year mortgage, you may get a lower interest rate to begin with. Ask your lender which method is best for you and your financial situation.

Will 30-year mortgage rates drop in 2024?

The Mortgage Bankers Association estimates the average interest rate on a 30-year, fixed-rate conforming mortgage could fall to 5.9% by the end of 2025. Currently, the average rate on such a home loan is 6.664%, according to mortgage technology and data company Optimal Blue.

Will mortgage rates ever be 3% again?

Dr. Lawrence Yun, chief economist at the National Association of REALTORS, has gone on record stating he doesn’t expect rates to fall to 3% again in his lifetime. That said, if the Federal Reserve is forced to take drastic action again to save the U.S. economy, it could conceivably send rates plummeting again (not that anyone should hope for that, given the desperate economic situation it would signify for Americans overall).

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