Current 15-year mortgage rates

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Today's national 15-year mortgage rate trends

For today, Saturday, July 02, 2022, the national average 15-year fixed mortgage APR is 4.900%, down compared to last week’s of 5.120%. The national average 15-year fixed refinance APR is 4.910%, down compared to last week’s of 5.100%.

Whether you're buying or refinancing, Bankrate often has offers well below the national average to help you finance your home for less. Compare rates here, then click "Next" to get started in finding your personalized quotes.

We’ve determined the national averages for mortgage and refinance rates from our most recent survey of the nation’s largest refinance lenders. Our own mortgage and refinance rates are calculated at the close of the business day, and include annual percentage rates and/or annual percentage yields. The rate averages tend to be volatile, and are intended to help consumers identify day-to-day movement.

Here's how it works:

Today's 15-year mortgage rates

The table below brings together a comprehensive national survey of mortgage lenders to help you know what are the most competitive 15-year mortgage rates. This interest rate table is updated daily to give you the most current rates when choosing a 15-year fixed mortgage loan.

Product Interest Rate APR
15-Year Fixed Rate 4.870% 4.900%
15-Year Fixed-Rate Jumbo 4.810% 4.830%
30-Year Fixed Rate 5.610% 5.620%

Pros and cons of a 15-year mortgage

Here we’ll look at both the benefits and drawbacks of a 15-year mortgage so you can see how it might fit into your financial goals.

Pros

  • The interest rates are lower.

    Historically, interest rates on 15-year mortgages fall below other mortgage options. A quick check of the current mortgage rate table will show you how much you can save by getting a 15-year home loan versus other loan types.

  • You’ll make fewer payments (180) than you would with a conventional 30-year mortgage (360).

    Since you’ll be making fewer payments, you’ll pay less in overall interest. Even if you got the same rate on a 15-year fixed-rate mortgage as you did on the 30-year fixed-rate mortgage, you would still pay less in interest because your payments would end 15 years sooner.

  • You’ll pay off your mortgage faster.

    Paying off a mortgage is often a cause for celebration. Not only will you have one less bill to worry about; you’ll own your home free and clear, which can be a mental relief as much as a financial one.

  • You'll build equity more quickly.

    With a 15-year mortgage, you pay down the principal in half the time you would for a 30-year mortgage, so you accelerate the equity-building process. Equity is the share of the home that you own. For example, if you owe $150,000 on a home that cost you $300,000 and today that home is worth $360,000, you have $210,000 of equity in that house.

Cons

  • You'll pay more each month.

    If you have a 15-year mortgage, you repay a larger portion of the principal each month than you would if you had a 30-year loan. As a result, you’ll have less room in your monthly budget. The larger monthly payments associated with 15-year mortgages is a common reason why borrowers choose 30-year mortgages instead.

  • You’ll qualify for a lower mortgage amount.

    Minimizing risk is a major concern for lenders, so to avoid stretching your budget with the monthly payments on a 15-year loan, you’ll likely qualify for less mortgage than you would with a 30-year loan.

  • You might sacrifice saving for retirement.

    You don’t want to pay down your mortgage so aggressively that you neglect your retirement savings.

Comparing 15-year fixed and 30-year fixed-rate mortgages

While a 15-year mortgage means you’ll pay off your loan faster, the lower monthly payments associated with a 30-year mortgage could allow you to borrow a larger amount, albeit at the expense of a higher interest rate and greater overall cost.

Even if the total amount you’re interested in borrowing would be the same for a 15- or 30-year mortgage, you might have an easier time qualifying for the longer-term loan because of the difference in monthly payments.

15-year vs. 30-year mortgage interest and payments

15-year fixed-rate mortgage 30-year fixed-rate mortgage
Loan principal $312,900 $312,900
Interest rate 4.82% 5.78%
Monthly payment $2,445 $1,831
Total interest $127,240 $347,191
Total payments $440,140 $660,091

*Notes: Interest rates as of June 15, 2022; monthly payments do not include insurance or taxes.

>>To compare your monthly payments, check out Bankrate's 30-year vs. 15-year mortgage calculator

15-year mortgage FAQs


Refinancing into a 15-year mortgage

If you have a 30-year mortgage and are more than halfway through your loan term, refinancing into a 15-year loan with a lower rate can save you thousands in interest. In general, 15-year mortgages have higher monthly payments due to the shorter term — but, depending on how much lower you can cut your rate and the balance of your current loan, your monthly payment might not increase as much as you think it will, or at all.

Whichever type of refinance you pursue, be sure to shop around for rates and compare offers, including lender fees.

>>Read more about how to refinance your mortgage.

Written by: Jeff Ostrowski, senior mortgage reporter for Bankrate

Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal.

Read more from Jeff Ostrowski

Reviewed by: Greg McBride, chief financial analyst for Bankrate

Greg McBride, CFA, is Senior Vice President, Chief Financial Analyst, for Bankrate.com. He leads a team responsible for researching financial products, providing analysis, and advice on personal finance to a vast consumer audience.

Read more from Greg McBride


Learn more about specific loan type rates
Loan Type Purchase Rates Refinance Rates
The table above links out to loan-specific content to help you learn more about rates by loan type.
30-Year Loan 30-Year Mortgage Rates 30-Year Refinance Rates
20-Year Loan 20-Year Mortgage Rates 20-Year Refinance Rates
15-Year Loan 15-Year Mortgage Rates 15-Year Refinance Rates
10-Year Loan 10-Year Mortgage Rates 10-Year Refinance Rates
FHA Loan FHA Mortgage Rates FHA Refinance Rates
30-Year FHA Loan 30-Year FHA Loan Rates 30-Year FHA Refinance Rates
VA Loan VA Mortgage Rates VA Refinance Rates
ARM Loan ARM Mortgage Rates ARM Refinance Rates
5/1 ARM 5/1 ARM Rates 5/1 Refinance Rates
7/1 ARM 7/1 ARM Rates 7/1 Refinance Rates
10/1 ARM 10/1 ARM Rates 10/1 Refinance Rates
Jumbo Loan Jumbo Mortgage Rates Jumbo Refinance Rates
30-Year Jumbo Loan 30-Year Jumbo Loan Rates 30-Year Jumbo Refinance Rates