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2 ways interest rates have shifted this year

The lesson here is that in addition to shopping for the best CD rates, you should also pay close attention to those early withdrawal penalties.

Long vs. short mortgage rates

In contrast to the dynamics of CDs, current mortgage rates show the spread between long-term and short-term rates has widened. The spread between 30-year and 15-year mortgage rates is now just shy of 1 percent, after starting the year at 70 basis points.

This makes a shorter mortgage a tempting proposition -- if you can swing those higher monthly payments. However, the same logic does not apply to adjustable-rate mortgages. Even though the spread between fixed and adjustable-rate mortgages has also widened, this is not enough to compensate for the risk of having a variable rate in what is shaping up as a rising-rate environment.

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