15 Year Mortgage Rates History. Many factors affect them, including inflation, the state of the housing market, and the rate the fed sets at the time. Mortgage rates were steady to slightly lower yesterday even though prevailing trends in the bond market suggested caution.
Economy fell into a recession in the early 1990s following a sharp increase in the cost of gasoline and a crisis involving a number of savings and loan associations.
Borrowers pay off the loan faster, so less interest overall is paid. There are many different kinds of mortgages that homeowners can decide on which will have varying interest rates and monthly payments. Its interest rate stays locked for the entire term, resulting in predictable monthly principal and interest payments. The lower rate makes the 15 year mortgage financially wiser than paying a 30 year mortgage off in 15 years.