Current 15-Year Mortgage Rates
The current average rate for a 15-year fixed mortgage is 5.65%.
Mortgage Rate Trends
Rate trend chart
Rate summary
| Loan Type | Avg. APR | 3 Month Diff. |
|---|---|---|
| 30 Year Fixed | 6.71% | 0.16% |
| 15 Year Fixed | 6.11% | 0.17% |
| 5/1 ARM | 6.53% | 0.23% |
The average 15-year fixed mortgage rate offered by LendingTree partners is currently 5.65%.
Rates on 15-year mortgages are usually lower than 30-year mortgage rates, so you could save a lot by simply choosing a 15-year repayment term. Lenders consider a shorter loan term to be less risky, which is why they’re often willing to offer lower mortgage rates.
What affects 15-year mortgage rates?
- Your credit score. A higher credit score usually gets you a lower interest rate.
- Your down payment. A larger down payment typically results in lower interest rates.
- Your loan amount. Particularly small or large loan amounts may come with higher rates.
- Your home’s location. Lenders offer different rates based on the state you live in.
- Your plans to live in the home. The lowest rates are typically reserved for borrowers who are buying a home as their 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 mortgage rate market.
15- vs. 30-year mortgage: What’s the difference?
15-year mortgage
- Higher monthly payments
- Lower loan costs
- Quicker buildup of equity
- Tougher requirements
- Less buying power
30-year mortgage
- More affordable payments
- Higher loan costs
- More flexibility
- Easier requirements
- More buying power
There are three main differences between 15- and 30-year mortgages:
- The number of payments you’ll make. You’ll repay your mortgage in half as many payments if you choose a 15-year versus a 30-year mortgage. This allows you to build home equity more quickly.
- How expensive the monthly payments are. Your monthly payments will be higher with a 15-year loan because you’re paying back the loan in less time than a 30-year loan.
- Your total interest charges over the life of the loan. You’ll pay significantly less in interest over the life of a 15-year loan, both because you’re paying off the loan faster and 15-year mortgages tend to have lower interest rates than 30-year mortgages.
Although 30-year mortgages are by far the most common choice for homeowners in the U.S., most people won’t stay in their loans nearly that long. Homeowners typically refinance or sell their home within seven to 10 years.
15- vs. 30-year mortgage cost comparison
Here’s an example to illustrate the monthly payment and loan cost differences between 15- and 30-year mortgage rates.
Costs of a 15- vs. 30-year mortgage
| 15-year mortgage | 30-year mortgage | |
|---|---|---|
| Loan amount | $350,000 | $350,000 |
| Interest rate | 5.81% | 6.47% |
| Monthly payment (principal and interest) | $2,918 | $2,205 |
| Total interest | $175,185 | $443,921 |
| Total of all payments | $525,185 | $793,921 |
Takeaway: Choosing the 15-year option would save you $268,736 in interest charges, but your monthly mortgage payments will be $713 higher.
How to choose between a 15- vs. 30-year mortgage
A 15-year loan is best if …
- You can comfortably afford a higher monthly mortgage payment. Your monthly principal and interest payments will be significantly higher with a 15-year loan. Only take this route if you have room in your budget and can still afford to cover your other obligations, including other loan payments.
- You want to build equity more quickly. You’re paying more toward your principal each month with a 15-year mortgage, which allows you to build your home equity at a faster pace. Having access to more equity means you can later use a cash-out refinance, home equity loan or home equity line of credit (HELOC) to pursue other financial goals. It also means you’ll own your home free and clear much sooner.
- You’re buying a house well within your means. You’ll likely qualify for a smaller loan if you go with the 15-year option, since your income needs to cover a higher payment. If you’re not looking to buy the most house you can afford, a 15-year loan could be the better option.
- You plan to stay in your home in the short term. If you know you’ll have to sell relatively quickly, choosing a 15-year mortgage can help you build more equity and make more money when reselling. You’ll be paying more principal and less interest, meaning you’ll have a bigger profit once all of the fees and commissions are paid.
How quickly can you build home equity?
To see exactly how quickly you’ll build equity, use an amortization table. This will show you how much total equity you’ll have after each payment and exactly what portion of each mortgage payment is going toward your principal and interest. You can generate an amortization table easily with LendingTree’s mortgage calculator.
A 30-year loan is best if …
- You want a lower monthly mortgage payment. Your repayment term is longer with a 30-year loan, which spreads out your mortgage payments over a greater period of time and makes them more affordable.
- You want more room in your budget. A lower monthly mortgage payment gives you more wiggle room month to month for budgeting and other financial goals, like boosting your emergency fund or retirement savings.
- You want to buy the most house you can afford. You’ll likely qualify for a larger loan with a 30-year mortgage. This means you can buy a more expensive house.
- You want the option to pay off your mortgage faster without being tied down. If you borrow a 15-year loan, you’re committing to a higher monthly mortgage payment for the entire loan term. However, you can shave time off a 30-year repayment term by paying extra whenever you have the financial bandwidth to do so.
Should you refinance to a 15-year mortgage?
Refinancing to a 15-year mortgage can save you hundreds of thousands of dollars over the life of your loan, according to LendingTree data.
Overall, refinancing from a 30-year to a 15-year mortgage makes sense if the savings outweigh the higher payment and closing costs. But before you can reap this benefit, you need to ask yourself:
-
Can I afford higher monthly mortgage payments?
On average, you’ll spend $572 more on monthly payments than you would for a 30-year fixed mortgage. -
Do I have the cash to cover refinance closing costs?
You can expect to pay between 2% and 5% of your loan amount in refinance closing costs. -
Will I get a lower interest rate?
If you locked in your mortgage rate before the COVID-19 pandemic, odds are you have a low rate that current mortgage rates can’t compete with. It’s not usually financially advantageous to refinance unless you can get an interest rate that’s at least 50 basis points lower than your current rate. -
How long do I plan to stay in my home?
A refinance can save you money, but it takes time for those savings to build. Before you make a decision, learn how to calculate and interpret the break-even point on your refinance.
15-year fixed mortgage refinance rates
The current interest rate on a 15-year mortgage refinance is 6.45%.
How to compare 15-year mortgage rates
- Shop around. One of the most effective ways to secure a low 15-year mortgage rate is to compare quotes from multiple lenders, including traditional and online mortgage lenders. In addition to rates, consider each lender’s reputation and customer service ratings to find your right fit.
- Compare loan estimates. Request official loan estimates from at least three lenders before making a decision. The loan estimate will outline key details about the loan, including the interest rate, monthly payment and estimated closing costs.
- Look at the APR. When comparing mortgage rates, it’s important to look at the annual percentage rate (APR) as well as the interest rate — this lets you get a full picture of the loan costs. APR includes the interest costs and other charges, like loan origination fees and mortgage points.
Frequently asked questions
Rates on 15-year mortgages have remained elevated in 2026 compared to the lows of the coronavirus pandemic. Mortgage rates are expected to remain relatively stable through the year, but 15-year rates could see a significant drop if the Federal Reserve decides to cut the federal funds rate, inflation continues to cool and bond yields fall.
If you’re waiting for rates to fall before buying or refinancing, keep in mind that the best rate you qualify for will also depend on your credit score, down payment, loan amount and lender.
It may make sense to refinance from a 30-year to a 15-year mortgage if you can afford the higher payment, qualify for a lower rate and plan to stay in the home long enough to break even on closing costs. If the higher payment would strain your budget, a 30-year loan with extra principal payments may give you more flexibility.
Yes, a 15-year mortgage will typically have a lower interest rate than a 30-year mortgage. In fact, there hasn’t been a single instance in which national average 15-year mortgage rates have been higher than comparable 30-year rates. You can view historical national average 15- and 30- year mortgage rates via Freddie Mac.
Yes, you always have the option to pay off your mortgage early. Doing so can help you build equity faster and reduce the amount of interest you’ll pay overall.
Having a 15-year mortgage may reduce the home mortgage interest deduction you qualify for, since you’ll be paying less in interest.
Finding the best 15-year mortgage rates involves shopping around and comparing quotes from a few different lenders. In addition, confirming whether your rate is fixed or adjustable, since this will affect your total interest costs. Purchasing mortgage points can also help lower your mortgage rate.