Mortgage buyer freddie mac said Thursday that the average rate on the key 30-year mortgage dipped to 3.75 percent. The.

 · Q: I’m eight years into my 30-year mortgage, but I want to pay it off faster.Am I better off refinancing to a 15- or 20-year loan, or just paying a bit extra toward principal each month on my existing loan? A: A key calculation is to figure out whether your savings in total interest payments will be greater than the costs of refinancing. While shorter-term loans generally have lower interest.

. Thursday that the average rate on the benchmark 30-year mortgage stood at 3.75%, the same as the previous week. A year ago the rate stood at 4.53%. The average rate for 15-year, fixed-rate home.

 · If you have a $200,000 mortgage, for example, refinancing to a 30-year fixed term with a 4 percent interest rate would put your monthly payments at about $955, assuming that you made a 20 percent down payment. Going with a 15-year loan instead with a 3 percent rate would increase your payments to nearly $1,400 a month.

To refinance a mortgage means to replace an existing mortgage. with an interest rate of 5.0 percent, a loan term of 30.

How to pay off a 30 year home mortgage in 5-7 years When people choose to refinance a 30-year loan into a shorter loan they typically choose a 15-year loan, though 10-year & 20-year options are also available. The following table compares monthly payments, interest rates & total interest due over the life of a $230,000 loan.

 · Go with the 30-year mortgage, and especially so in this current market of low interest rates. related: mortgage Questions, Answered: How to Qualify For & Obtain Home Financing. If you are a bit of a math nerd and want some statistical analysis behind why the 30-year mortgage is superior to the 15-year (or even shorter loan periods), read on.

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Photo: Heather Seidel/The Wall Street Journal The mortgage market had one of its most significant quarters since the.