A fixed-rate loan offers a consistent rate and monthly mortgage payment over the life of the loan. Fixed-rate loans are typically available for 10-, 15-, 20- or 30-year loan terms, but other terms may be available. This fixed-rate mortgage calculator provides customized information based on the information you provide.
A 5 year fixed rate mortgage is shorter than most traditional mortgage terms and typically comes with larger the. That's nearly double the original home cost.
30-Year vs. 15-Year Fixed-Rate. As of 2015, nearly 70% of homeowners with a mortgage reported that their term length was between 28 and 32 years, while only 11% reported having a mortgage with a term between 13 and 17 years. Below is an example of the cost differential for 15- and 30-year mortgages at 2017 rates.
Say you fixed your mortgage at 2.5% for five years, but interest rates fell to 1.5%. You would be paying an extra 1% for the security of having a five year fixed mortgage. For some people, the security of a fixed rate mortgage is valuable, and they like the peace of mind that it brings, knowing that costs won’t rise.
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The 15-year fixed-rate average sank to 3.05 percent. The refinance share of mortgage activity accounted for 60.4 percent of all applications. “Mortgage applications increased 5.2 percent last week,
5 Year Fixed Mortgage Rate – If you are looking for options for lower mortgage payments then our mortgage refinance service can give you the information you need.
The stability of a fixed rate home loan lets buyers purchase with confidence, options include the 20-year, 10-year, and even 5-year fixed.
Our new Green 5 Year Fixed Rate is available to you if: You are a new customer building or buying your home (Private Dwelling Home mortgage) with a BER rating between A1 and B3. You already have a mortgage loan with us, your home has a BER rating between A1 and B3 and you’ve more than five years left on the loan.
5 Year Fixed Mortgage Rates – If you are looking for options for lower mortgage payments then our mortgage refinance service can give you the information you need.
When the mortgage rate is ‘fixed’ it means that the rate (%) is set for the duration of the term, whereas with a variable mortgage rate, the rate fluctuates with the market interest rate, known as the ‘prime rate’. So, for example, if the 5-year fixed mortgage rate is 4%, then you will pay 4% interest throughout the term of the mortgage.