Most people looking for a home mortgage loan only care about the interest rate. http://www.mortgagesort.com They keep an eye on mortgage rates every day and write down any changes. They do this to try to figure out what direction rates are likely to move in the coming weeks or months.
The mortgage rate that buyers pay is an important factor, but it's not the only thing that affects how much they have to pay each month.
The length of your home mortgage loan is another important factor that you can change and that will affect your mortgage payment (for example 30 years vs. 15 years).
Standard is to pay off your home loan over 30 years, but there are other options that will have a big effect on your monthly payments and how fast you build equity in your home.
For example, if you spread out your home loan payments over 15 years, your mortgage payment will be higher, but you will build equity faster and be able to find a lower interest rate. If you could lock in a half-point lower interest rate with a 15-year note, your monthly payments would be about 35% higher. This sounds like a lot, but your interest costs over the life of the loan will be about 60% less, which could save you hundreds of thousands of dollars.
In conclusion, a 15-year mortgage loan will cut down on the total amount of interest you pay and speed up the rate at which you build equity in your home, no matter what the interest rate is (even though a lower rate will indeed be in reach when amortising over 15 years vs. a standard 30 year fixed rate mortgage). If your budget allows you to pay for a home over 15 years, you should definitely think about it. It will save you a lot of money in the long run.