As 30-year fixed mortgage rates have hit historical lows, there’s been one less-publicized corollary: 15-year fixed rates are low, too.
Last week’s 15-year rate was at 3.30 percent, down from 3.33 percent the week before.
If you’re a borrower, that’s even more attractive than the 30-year 4.09 percent.
The “spread” between the two rates — in other words, the degree to which taking a 15-year mortgage is cheaper than taking a 30-year mortgage — is 0.75 percentage points. That’s a big differential — historically, about as good as it gets.