Compare 15-year mortgage rates from lenders in your area. Find rates, APR and monthly payments to get the best 15-year mortgage for a new home purchase or refinance.

15-year mortgage benefits

A 15-year mortgage can save you money in the long run. Interest rates on 15-year mortgages typically are lower than the interest rates on longer-term home loans, and you pay interest for a shorter time.

See how total interest expense changes for a 20-year mortgage vs a 15-year mortgage:

15-year mortgage rate savings
Existing mortgage 20-year 15-year
Loan amount: $130,000 $130,000 $130,000
Interest rate: 5.875% 4.875% 4.25%
Loan term (months): 288 240 180
Mortgage payment: $842.97 $848.99 $977.96
Total payments: $242,777 $219,758 $192,033
Total interest1: $112,777 $73,758 $46,033
Effective interest expense: $75,560 $49,418 $30,842

1) Total payments include $16,000 of additional equity.

15-year fixed mortgage rate trends:
3-month trend 15-year fixed rate
3/21/2018 4.00%
3/14/2018 3.95%
3/7/2018 4.00%
2/28/2018 4.00%
2/21/2018 3.94%
2/14/2018 3.90%
2/7/2018 3.87%
1/31/2018 3.77%
1/24/2018 3.71%
1/17/2018 3.62%