Mortgage Rates Super Center

There are two primary types of mortgage rates: fixed-rate mortgages and adjustable-rate mortgages.

Fixed-Rate Mortgages

With a fixed-rate mortgage, the interest rate remains the same throughout the life of the loan. This means that your monthly mortgage payment will remain consistent, making budgeting easier.

Fixed-rate mortgages typically come in 30-year and 15-year terms. Although 30-year fixed mortgage rates usually have higher interest rates, they offer lower monthly payments, making them a popular choice for many homebuyers.

Adjustable-Rate Mortgages

An adjustable-rate mortgage (ARM) has an interest rate that changes periodically based on an index tied to market conditions. This means that your monthly mortgage payment could fluctuate over time. ARMs typically have an initial fixed-rate period, followed by a variable rate that adjusts based on the index.

ARMs can be more affordable in the short term, but they come with a degree of uncertainty. Before choosing an ARM, make sure to understand how the rate adjusts and the potential impact on your monthly payment.