15-Year Fixed Rate Mortgage Average in the United States from 2000 to 2023
Source: Freddie Mac
A 15-year fixed-rate mortgage is a type of home loan where the interest rate remains constant for the entire 15-year period. This means that the monthly mortgage payments will also stay the same throughout the loan term. The loan is fully amortizing, meaning the principal and interest are paid off over the 15-year period, resulting in the loan being fully repaid by the end of the term.
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