The couple, who got a 30-year fixed-rate mortgage at 9 percent, had been looking for about a year and a half.

So, for example, there is no reason to get a 30-year fixed-rate mortgage if you plan to move in a few years.

I am going from a 30-year to a 15-year fixed-rate mortgage.

The 30-year fixed-rate mortgage isn't the only game in town.

But if you're planning to stay in your home for a while, a fixed-rate mortgage might be the way to go.

Rates on traditional fixed-rate mortgages have shot up over the last year.

Fixed-rate mortgages currently average 10 percent, the same as a year ago.

Interest on the standard 30-year, fixed-rate mortgage is now about 8.5 percent.

Rates for fixed-rate mortgages should be no higher than 11 percent at that time, he said.

After all, the 30-year fixed-rate mortgage is already down to 6.71 percent; how much lower can it go?