Current 15-Year Mortgage Rates

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What are current interest rates on 15-year loans?

Rates on 15-year mortgages are usually lower than 30-year rates, which means that going with a 15-year loan can offer substantial savings. In general, lenders consider a shorter loan term less risky, which is why they’re willing to offer lower mortgage rates.

Mortgage rates on 15-year loans were on a gentle decline throughout March, and by April they fell as low as 5.54%. Since then they’ve remained well below 6% and, according to the mortgage rates forecast, are expected to stay there for the near future.

Checking mortgage rates daily is a good way to save money on closing costs and interest charges over the life of a home loan. Depending on current news and events, 15-year mortgage rates change daily and can even spike or drop hourly.

What is a 15-year fixed-rate mortgage?

A 15-year fixed-rate mortgage is a home loan paid in equal installments over 15 years. That 15-year period is known as your “loan term,” and a 15-year term usually comes with a higher monthly payment but lower overall costs than a 30-year fixed-rate mortgage.

What's the difference between a 15- and 30-year mortgage?

If you’re trying to decide on a 15- versus 30-year mortgage, there are three main things to consider:

How long it takes to pay off the loan
The monthly payment
Total interest costs

The table below provides a quick summary of how the differences between these two loan terms will affect you as a borrower. A means that it’s the more expensive option of the two loans, and a means that it’s the less expensive option:

Comparing 15-year vs. 30-year mortgages

	15-year mortgage	30-year mortgage
Monthly payment
Interest rate
Interest costs

You should choose a 15-year fixed-rate mortgage if you:

Want the loan option that costs you the least long term
Can afford a higher monthly payment
Want to pay off your mortgage faster
Want a quicker way to build home equity

You should choose a 30-year fixed rate mortgage if you:

Want the lowest monthly payment possible
Need room in your monthly budget for other expenses or savings goals
Don’t want to lock yourself into a 15-year repayment schedule

Unsure of which loan term you can afford?A mortgage calculator can help you estimate what your monthly payments would be with different loan terms. It even creates a mortgage payment schedule for you, which shows you how much principal and interest you pay every month for the term of each loan.

If you’re uncertain about how hefty a mortgage payment you can afford in the first place, try a home affordability calculator.

Pros and cons of 15-year mortgage rates

You’ll pay off your loan quicker

Your interest rate will be lower

You’ll save thousands of dollars in interest

You’ll build home equity faster

You’re locked into a higher payment for the term of the loan

You must refinance if you want to switch back to a longer term

Your payment will eat up more of your monthly budget

You’ll have to meet tougher qualification requirements

Refinancing a 15-year mortgage

You can refinance an existing 15-year mortgage rate and replace it with a new 15-year loan that has a lower rate — assuming that current interest rates are lower than they were when you signed your original loan. The process is essentially the same as any other home loan: Your lender verifies your credit history, income and equity to ensure you meet the minimum mortgage requirements.

Typical mortgage refinance requirements include:

Loan type	Credit score	Maximum loan-to-value (LTV) ratio
Conventional rate-and-term refinance	620	97%
FHA rate-and-term refinance	580	97.75%
VA rate-and-term refinance	No minimum set by the VA, but many lenders require 620+	100%

However, if you’re switching from a 30-year to a 15-year term, there may be some extra hoops for you to jump through. Here’s what you need to know if you’re refinancing into a 15-year loan from a 30-year loan:

Loan type	Advantages	Restrictions
Conventional rate-and-term refinance	The process will be the same as qualifying for any other loan	Debt-to-income (DTI) cannot exceed 50%
FHA streamline refinance	No income documentation or home appraisal required	Your current loan has to be an FHA loan The refi rate must be lower than what you’re paying now The new monthly payment can’t increase by more than $50
VA interest rate reduction refinance loan (IRRRL)	No income documentation or home appraisal required	Your current loan has to be a VA loan Your payment can’t rise by 20% or more

Frequently asked questions

There are seven main factors that impact the 15-year mortgage rate you’re offered, including:

Your credit score. A higher score typically gets you a lower rate.
Your down payment. Extra down payments often lead to lower rates.
Your loan amount. Smaller loan amounts typically come with higher rates.
Your home’s location. Lenders offer different rates in different states.
Your plans to live in the home. The lowest rates usually go to a primary residence. You’ll pay a higher rate for a second home or rental property.
Your interest rate type. Fixed-rate loans typically come with higher interest rates than adjustable-rate mortgages (ARMs). If you have extra money to pay mortgage points, you can also buy a lower rate.
The economy. A strong or weak economy, along with Federal Reserve policies, inflation and bond yields may cause changes in the interest rate market.

A 15-year fixed rate loan makes sense if you can commit to a higher payment for the term of the loan. If you’re worried about your job stability or plan for an enormous expense (like a new car or a college education) you’re better off making extra payments on a 30-year mortgage to pay off your mortgage early.

An adjustable-rate mortgage (ARM) offers a lower initial rate for a set time. Once the “teaser rate” period ends, your rate will adjust based on the ARM terms you chose, which could cause a big jump in your monthly payment. With a fixed-rate loan, your payments are the same for the loan’s entire term.