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:
| 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.
| 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% |