Compare current 15-year mortgage rates

Current 15-year mortgage rate trends

After bottoming at around 5.5 percent around the Federal Reserve's first rate cut in September 2024, 15-year mortgage rates have been climbing again in 2025. While it's unclear how many cuts the Fed might issue this year, for now, most experts expect rates to settle while remaining elevated well above the lows of the pandemic. That means that if you’re confident you want to buy, you may not want to wait around in the hopes of lower rates.

Current 15-year mortgage rates compared to other loan types

One major advantage of a 15-year mortgage is its lower interest rate. Compared to a 30-year loan, a 15-year mortgage can carry an interest rate that’s about three-quarters of a percentage point lower. In fact, 15-year loans are some of the cheapest money you’ll find. That’s the upside. The downside? The shorter repayment schedule means your monthly payment will be higher.

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 its monthly payments are smaller and more manageable.

National mortgage rates by loan type

As you consider options for financing a home purchase or refinancing your existing mortgage, use the APRs in the table below as a guide. The lower your APR, the lower the overall cost of the loan. In addition to considering the cost, consider your long-term financial and housing goals.

How to compare current 15-year mortgage rates

For the best chance of getting the lowest possible mortgage rate, compare loan offers from more than one lender. You might even consider working with a mortgage broker. Here’s how:

1. Get preapproved: Get rate quotes from at least three mortgage lenders, ideally on the same day so you have an accurate basis for comparison. Lenders determine your interest rate based on your credit score, debt-to-income (DTI) ratio and other factors, including the size of your down payment. Generally, borrowers with a credit score of 740 and up, a substantial down payment (20 percent is ideal, but not required) and a DTI ratio of no more than 43 percent score the most attractive offers.
2. Compare the interest rate and APR: The interest rate and annual percentage rate (APR) reflect the cost of the loan. The interest rate is the cost to borrow the funds, while the APR includes the interest rate and other costs such as the origination fee and any points. When comparing rate offers, the APR is a more complete picture of the all-in cost.
3. Consider the lender’s ratings and your experience: Aside from the numbers, evaluate other factors such as convenience and the lender’s responsiveness. Take a look at what other borrowers have had to say about the lender, too.

Should you get a 15-year mortgage?

There’s no right or wrong answer. It’s important to consider these two key questions:

1. Can you afford the higher monthly mortgage payments? Many borrowers stretch as it is to fit a 30-year mortgage payment into their monthly budget. If that’s the case for you, it might be better to stick with the longer mortgage term, even if you don’t plan to stay in the home the full 30 years.
2. How do you feel about debt? If you’re comfortable with the concept of debt as a financial tool, it might make more sense to go with a 30-year loan. If you prefer paying down the mortgage more quickly, then check out 15-year term options.

You’ll also want to consider both the benefits and drawbacks of a 15-year mortgage so you can see how one might fit your financial goals:

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 could save you thousands in interest. Bankrate’s 15-year vs. 30-year calculator can help you make the decision. Keep in mind that rates have shifted dramatically over the past few years. If you bought your home in 2020 and scored a rate below 4 percent or even 3 percent, today’s rates are going to look a lot more daunting.

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, shop around for rates and compare offers, including lender fees.

15-year mortgage FAQ

Meet our Bankrate experts

Written by: Jeff Ostrowski, Principal Reporter, Mortgages

I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.

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Edited by: Suzanne De Vita, Senior Editor, Home Lending

I’ve covered the housing market, mortgages and real estate for the past 12 years. At Bankrate, my areas of focus include first-time homebuyers and mortgage rate trends, and I’m especially interested in the housing needs of baby boomers. In the past, I’ve reported on market indicators like home sales and supply, as well as the real estate brokerage business. My work has been recognized by the National Association of Real Estate Editors.

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Reviewed by: Greg McBride, CFA, Chief Financial Analyst, Bankrate

Greg McBride is a CFA charterholder with more than a quarter-century of experience in personal finance, including consumer lending prior to coming to Bankrate. Through Bankrate.com's Money Makeover series, he helped consumers plan for retirement, manage debt and develop appropriate investment allocations. He is an accomplished public speaker, has served as a Wall Street Journal Expert Panelist and served on boards in the credit counseling industry for more than a decade and the funding board of the Rose Foundation’s Consumer Financial Education Fund.

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