Is a 15- or 30-Year Mortgage Right for You?

When choosing a mortgage, the main options are 15-year and 30-year terms. A 15-year mortgage allows for faster equity building and lower interest rates, but comes with higher monthly payments. Conversely, a 30-year mortgage offers lower monthly payments, providing more budget flexibility, but results in higher overall costs and slower equity growth. Current mortgage rates show a slight decrease, with 30-year fixed at 6.43% and 15-year fixed at 5.98%. Consider your financial situation and long-term goals when deciding between the two options.