Interest rates have leveled off at around 7% over the last couple of months. Interestingly, the 15-year mortgage is a more reasonable 6.375% right now.

If you are looking for a lower rate and are willing to pay a higher monthly payment, this may be a good option.

The other benefit of a 15-year mortgage is that more of your payment is going toward the principal of your loan. So, on a $400,000 loan, you would reduce your principal loan amount by $16,500 in the first year of your loan.

This compares to a reduction of only $4,000 on a 30-year mortgage during that same period. If you can swing the higher payment, this may be the way to go.

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