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And when it comes to mortgage products, the shorter the loan term, the less you'll pay in interest over the life of the loan.
Longer loans - like 30-year fixed-rate mortgages, for example - typically come with higher rates and steeper interest costs.
The benchmark 15-year fixed-rate mortgage rose 2 basis points to 3.42 percent. The typical 30-year fixed-rate jumbo spiked 5 basis points to 4.19 percent.
For the purposes of Bankrate's survey, a jumbo mortgage is a loan that is at least $650,000.
Your monthly payment amount will be greater if taxes and insurance premiums are included.