See Current 30-Year Mortgage Rates

When you look at it that way, it might be tempting to want to do everything possible to make the larger payment work within your budget; however, the increased payment may put you above the debt-to-income (DTI) ratio for the product, excluding you from eligibility. If you can't afford the increased payment that comes with a 15-year loan, if the increased payment disqualifies you based on DTI ratio requirements or if you want to finance a more expensive home, then a 30-year mortgage might be the best thing for you. However, interest rates are subject to market fluctuations and the rate you are offered will vary based on your qualifications.

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