15-Year Mortgage Rates Today

Today’s 15-year fixed mortgage rates start at % (% APR) for a conventional mortgage, according to our daily rate survey.

15-year mortgage rates are usually lower than 30-year fixed rates, but the spread can change daily. And the cheapest lender will vary from one borrower to the next.

Compare options to see which lender can offer you the best rate based on your credit score, down payment, and other factors.

15-year mortgage rates for December 27, 2024

About 15-year fixed mortgage rates

15-year fixed mortgage rates are often significantly lower than those for 30-year fixed-rate loans.

Better yet, the total amount of interest you pay will be much, much lower because you’re borrowing the same sum for half the period. And interest is only due for the time you owe money.

So why doesn’t everyone choose the 15-year option? Because each mortgage payment is a lot higher.

Higher monthly payments are inevitable because you’re repaying the entire loan amount in 180 installments (12 months x 15 years) instead of 360 (12 months x 30 years).

Many borrowers — especially first-time home buyers — simply can’t afford those higher payments, no matter how much it saves them in the end.

But if you have plenty of monthly cash flow, this might be the right loan type for you.

Types of 15-year mortgage rates

If you want to save on interest, and you can afford the higher monthly payments, here are some of your options to lock in current 15-year mortgage rates:

• 15-year refinance — Refinancing from a 30-year mortgage to a 15-year mortgage can lower your interest rate even further and help you pay off your home sooner
• Conventional 15-year rates — Lower rates than 30-year conventional loans and much lower total interest payments. If you have a 20% down payment (or 20% equity when refinancing) you can avoid private mortgage insurance (PMI)
• VA 15-year rates — Often the lowest interest rates of all. But you must be VA loan-eligible: a veteran, still serving in the military, or a member of select associated groups
• FHA 15-year rates — 15-year FHA rates are low, but watch out for mortgage insurance premiums that typically last the life of the loan. This added cost could make your APR (annual percentage rate) higher than other loan types
• 15-year jumbo loan rates — Jumbo loan rates, including 15-year jumbo loans, can be very competitive. But you’ll want to shop around carefully because these loans are not backed by any agency and rates can vary a lot from one lender to the next

We can only generalize about the 15-year mortgage rates you’re likely to be offered. To be sure of what you’re in line for, you’ll need to request personalized quotes from multiple lenders.

See how 15-year fixed mortgage rates compare

15-year refinance rates

Suppose you bought your first home 15 years ago, when you were 30 years old.

If you refinance to a new 30-year loan now, you’ll still be making mortgage payments when you’re 75 — and you’ll be paying interest a lot longer.

One alternative is to refinance your existing 30-year mortgage to a 15-year home loan. This could help you pay off your house on the same schedule (or sooner) and save money on interest payments.

Yes, your monthly payments will be higher. But you’ll be mortgage-free at age 60 – and you won’t be making payments during the best years of your retirement.

15-year refinance rates example

We used The Mortgage Reports refinance calculator to show how 15-year refinance savings might compare to a 30-year refinance. You can do the same, using your own figures.

In this example, the homeowner bought their home 2 years ago, and has an existing mortgage balance of $250,000. Their current mortgage rate is 4% and their monthly mortgage payment for principal and interest is $1,200.

At the time they refinance, current rates for a 15-year mortgage are at 2.25%, while 30-year fixed rates are averaging 2.75%.

Here’s how their refinance options compare:

*Interest rates and monthly payments are for sample purposes only. Monthly payment shown includes only loan principal and interest; homeowners insurance and property taxes are not included

In this example, choosing a 15-year refinance over a 30-year refinance has a number of benefits.

For one, the homeowner will now pay off their home in just 17 years, as opposed to the 32 years it would take if they refinanced into a new 30-year mortgage while already two years into their first loan.

But the biggest benefit comes from interest savings.

With a 15-year refinance, this homeowner would pay only $45,500 in interest over their new loan term. That’s less than half the cost of interest on a new 30-year loan — a total savings of more than $73,000.

But you can also see the disadvantage.

Instead of lowering their monthly payment, as a 30-year refinance would do, the new 15-year term increases this borrower’s payment by $460 per month.

That’s a big difference — and one that not many homeowners would be willing or able to handle. This is the tradeoff between 15-year mortgage rates and 30-year rates.

15-year home purchase loans

Suppose you’re in the same position as the refinancing example above: half-way through paying down your 30-year mortgage loan. But want to move instead of refinancing.

You can still make huge savings by choosing a 15-year purchase mortgage.

In fact, your savings could be even bigger because purchase rates are sometimes lower than refinance rates.

For example, on December 27, 2024, the average rate on a 15-year purchase mortgage was % (% APR) as opposed to that % (% APR) on a 15-year refinance.

Building home equity

Another benefit to buying a house with a 15-year loan is that you’ll build home equity much faster, thanks to something called an ‘amortization schedule.’

An amortization schedule outlines how long it takes to pay down your mortgage principal and interest.

At the beginning of your loan term, a larger portion of your payment goes toward interest. Toward the end of your term, you finally start paying more toward the loan balance.

With a longer term of 30-years, you spend a long time paying down mortgage interest before you make a meaningful dent in your loan principal. With a shorter-term loan, you’ll start to pay down the loan balance and build equity a lot faster.

Again, run your own numbers, this time using The Mortgage Reports purchase mortgage calculator. Select both the 30-year and 15-year loan terms in turn to make your comparison.

How your interest rate is determined

We can only show you today’s 15-year mortgage rates as averages. The rate you actually end up paying will be determined by a large number of factors.

You can influence some of the factors that determine you interest rate and get yourself a better deal. These include things like:

• The mortgage lender you choose
• Your credit score and credit report
• The size of your down payment
• Your debt-to-income ratio (DTI)
• Your employment history

Of course, mortgage interest rates also move up and down on a broader scale with the overall interest rate market. Supply and demand for ‘mortgage-backed securities’ (MBS) will have a big impact on your rate.

But there’s little you can do about that — so focus on factors you can control, like your loan-to-value ratio and credit score, if you want to save money.

Is it harder to qualify for a 15-year fixed-rate mortgage?

On paper, it’s no harder to qualify for a 15-year mortgage loan than a 30-year one. Guidelines vary by loan type (conventional, FHA, or VA), but within each program, requirements for a 15- and 30-year loan are generally the same.

For instance, a 15-year FHA loan will likely require a credit score of at least 580, down payment of 3.5%, and debt-to-income ratio below 50%, just like a 30-year FHA mortgage.

But in reality, it’s much harder to qualify for a 15-year loan because of the higher monthly payments.

A bigger mortgage payment means your home loan will eat up more of your monthly income. This will have an impact on your debt-to-income ratio.

For most home buyers, a 15-year mortgage payment — plus existing debts — will take up more than 43% to 50% of their monthly income, which is the maximum DTI range most lenders allow.

If you’re set on a 15-year mortgage but have a tighter monthly budget, paying down existing debts before you apply for the home loan could help you qualify.

15-year mortgage rates FAQ

By refinancing an existing loan, the total finance charges incurred may be higher over the life of the loan.