The article discusses the ongoing debate between 15-year and 30-year mortgage options, emphasizing the potential benefits of transitioning to a 15-year mortgage for recent homeowners. Clark Howard advocates for this choice, focusing on the reduced interest over time. With many homeowners facing elevated interest rates due to recent increases by the Federal Reserve, refinancing presents an opportunity to lower monthly costs. The current trend of declining mortgage rates post-peak offers a promising backdrop for refinancing, which could ultimately lead to a quicker path to debt freedom.
Homeowners who bought their homes 1-3 years ago likely have elevated interest rates compared to their peers...30-year fixed mortgage rates peaked in November 2023, almost touching 8%.
Clark Howard recommends the 15-year mortgage for anyone who can get it. You'll pay less interest in the long run, even if you have to contend with higher monthly payments.
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