Many odd facts on mortgage rate
* Shortening the loan term. If you are more concerned with the total amount you pay than with the size of your monthly payments, a shorter loan term will save you money. If your mortgage is $100,000 and your interest rate is 7%, halving the term from 30 years to 15 drops the full cost of the loan from $239,509 to $161,789. * A different type of mortgage. Moving to a fixed rate mortgage from an adjustable rate mortgage can lock in a much better interest rate when you refinance mortgage loans.