One common type of mortgage is a conventional loan with a 15-year fixed interest rate. With a fixed rate, your rate and monthly payment will stay the same throughout the life of the loan.

Even though interest rates are generally lower for shorter terms (like 10 years), you’ll still have higher monthly payments than you would with a 30-year mortgage—or even a 15- or 20-year.

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Reyna Crooms joined the news team in June of 2023 as a multimedia journalist/ reporter. Reyna grew up just outside of the Raleigh area in Apex, North Carolina. She graduated from East Carolina ...