Low 15 year mortgage rates are helping thousands of British afford their homes. Some of these interest rates are as low as 0.6%, which is nothing compared to the considerable amount that borrowers usually borrow. Recent studies have proven that 15 year mortgage rates experienced a sharp drop during the last few months. For example, rates reached a peak of 5.30% in June 09 just before dropping to 4.90% in July. Two months later, rates fell right below 3%, just to continue falling.
If we compare 15 year mortgage rates to those of a 30 year mortgage, it is highly convenient to draw a shorter mortgage. While it is true that 30 years is twice the time, low 15 year mortgage rates certainly lure you towards this kind of mortgage.