Mortgage rates are most likely going to increase, here's how to make the most of the current rates. This article addresses some of the reasons we may see a rise in mortgage rates, but more importantly, why a 30-year may be better than a 15-year, or any shorter-term mortgage. To begin, have a look at this chart from the Fed and Freddy Mac:Historic Mortgage Rates over the last 40 years FRED - Freddie MacThe average 30-year mortgage rate from 1980 to 2021 was about 7.5%. 15-year mortgage rates are lower than 30-year rates. Remember: you can always turn a 30-year mortgage into a 15, but you cannot turn a 15-year mortgage into a 30.

Source: Forbes January 27, 2021 12:00 UTC