The current average mortgage rate on a 30-year fixed mortgage is 6.17% with an APR of 6.20%, according to the Mortgage ...
Interest-only mortgages require only interest payments initially, raising future payment amounts. These mortgages suit those expecting higher future income or planning to sell properties soon.
In the interest-only phase, you make smaller payments, usually for a period of three to 10 years, that include only interest. Your principal loan balance won’t decrease at all during this first phase, ...