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Current 15-year mortgage rates

Nov. 26, 2022

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Current 15-year mortgage rates

On Saturday, November 26, 2022, the national average 15-year fixed mortgage APR is 6.14%. The average 15-year fixed refinance APR is 6.11%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

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Current 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 6.10% 6.14%
15-Year Fixed-Rate Jumbo 6.09% 6.11%
30-Year Fixed Rate 6.78% 6.80%

Rates as of Saturday, November 26, 2022 at 6:30 AM

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