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"  401(K) 2013/Flickr Anybody looking for the lowest possible interest rate on a new mortgage might want to look into the hot new product in the mortgage world: The 10-year loan. A recent article at the Miami Herald explains the trend: More banks are leaning toward shorter mortgage terms, which could help homebuyers who can pay off their homes more quickly save beaucoup bucks in interest. All but unheard of a few years ago, 10-year mortgage loans are becoming increasingly popular. One Connecticut bank reports that 20 percent of new mortgages were on 10-year notes. Rates quoted in the article were notably low for the 10-year note. But some quick research of current rates in my area didn&amp;#039;t show a substantial difference between 10- and 15- year rates. It makes sense, then, to thoroughly research rates in your area before charting your financial course.  Tim Layton is a home and DIY blogger for Popular Mechanics. Follow him on Twitter: @RemodelingGuy "^^<http://www.w3.org/2001/XMLSchema#string>
<http://www.popularmechanics.com/home/a9205/10-year-mortgages-are-on-the-rise-15699522/>