The rates will take the same direction as the financial markets and lock in for the entire duration of the loan rather than change every year. (cheapscholar.org)
The lower rate may apply for the full duration of the loan or for just the first few years. (mortgage-x.com)
Interest rates on 15 - year mortgage terms are typically lower than those on longer - term loans because the shorter duration of the loan makes it less of a risk to the lender. (cnbc.com)