30 or 15 year fixed rate mortgage?

A combined effect of a slight rise in 5-year adjustable rate mortgage along with 15-year fixed rate mortgage rates dipping below the psychologically important six per cent. barrier this week has a number of homeowners wondering whether they should be fixing their Atlanta mortgage rates for 30 or 15 years.  The simple answer to this question is that there is no simple answer!  A number of personal factors need to be considered.  What can be said is that homeowners with 30-year fixed rate mortgages will benefit from seeing lower monthly mortgage repayments.  However, this comes at the cost of having to pay more in interest payments over the term of the loan.  Depending on the size of the home mortgage loan, this could turn out to be a significant sum.  On the other hand, if you are young and have limited disposable income each month, the low monthly repayments of a 30-year fixed rate mortgage could be just the ticket you need to buy your home.