What is a 15-year fixed mortgage?

A 15-year fixed-rate mortgage offers borrowers the same (fixed) interest rate and monthly payments throughout the life of the loan. Over the long term, you’ll save significantly with a 15-year mortgage compared to other mortgage options. On the other hand, you’ll have a higher monthly payment than you would on a loan with a longer repayment term, like a traditional 30-year mortgage.

Who is a 15-year mortgage best for?

If you don’t mind a higher monthly payment, you might find a 15-year mortgage to be a more attractive option than a longer-term loan. If you’re looking to refinance, it’s smart to consider a 15-year loan, especially if you’re more than halfway through repaying your current 30-year loan. If you refinance into another 30-year loan, you’d extend your repayment period, which costs more in the long run. In addition, a 15-year mortgage might be a good option if you want to retire mortgage-free. Locking in the shorter duration of a 15-year mortgage now, especially if you’re in your 40s or 50s, allows you to pay it off in time for when you stop working.

Why compare 15-year mortgage rates?

Shopping around can help you save thousands over the life of the loan. Bankrate allows you to compare offers from a variety of lenders. Read more about how to get the best mortgage rate.

15-year mortgage requirements

There can be more stringent requirements for a 15-year versus a 30-year mortgage. For the former, your lender has to make sure you can afford the larger monthly payments, and usually that means having a higher income and a lower debt-to-income (DTI) ratio. If your DTI ratio is on the higher side, you can work to increase your income or pay down your debt. Some ways you can pay down debt include: Pay down your most expensive balance first. Prioritize paying down debt with the highest interest rate first, such as your credit card bills. Utilize the snowball method. With the snowball method, you pay off your debt starting with the smallest balance and working up to the largest. The idea is that if you wipe out smaller debt quickly, you’ll have more motivation to tackle larger debt. Consider a zero-percent balance transfer card. A zero-percent balance transfer card allows you to transfer your current balance to a new credit card with zero-percent APR, usually for 12 months to 21 months. During this period, you might be able to pay down the debt more easily.

How are 15-year mortgage rates set?

Mortgage lenders set 15-year interest rates based on a number of factors, but it ultimately comes down to the individual borrower. The lender will take into account your credit score, income, debt and savings. The better your credit and financials, the better rate you’ll be offered. While you can control these qualifying factors, mortgage rates are also influenced by outside forces, including economic conditions and inflation and the lender’s overhead. Overall, rates change frequently, so when you get a rate you’re comfortable with, consider a rate lock so you won’t have to worry about it changing before you close on your loan.

Tax deductions and 15-year fixed mortgage rates

With a 15-year mortgage, you pay less interest, so you also have less opportunity to take advantage of the mortgage interest deduction. There’s a caveat: The mortgage interest deduction no longer is of much use to most homeowners, no matter the length of the loan. The Tax Cuts and Jobs Act, which is in effect from 2018 to 2025, allows most homeowners to deduct all of their mortgage interest payments for the year on home loans up to $750,000, but that deduction won’t do much for you unless you have other deductions to push you above the standard deduction. That’s because the standard deduction rose. For 2022, a married couple filing jointly gets a standard deduction of $25,100. At that level, even a large mortgage with a long term and a relatively higher rate might not generate enough interest to take the tax break.

Current 15-year mortgage rates

Written by

Jeff Ostrowski

Reviewed by

Greg McBride, CFA

Nov. 26, 2022

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Weekly national mortgage rate trends

Current mortgage rates

	15 year fixed	6.16%
	30 year fixed	6.81%
	10 year fixed	6.26%
	5/1 ARM	5.51%

Today's national 15-year mortgage rate trends

For today, Saturday, November 26, 2022, the national average 15-year fixed mortgage APR is 6.14%, down compared to last week's of 6.24%. The national average 15-year fixed refinance APR is 6.11%, down compared to last week's of 6.22%.

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.

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Answer some questions about your homebuying or refinancing needs to help us find the right lenders for you.

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See competitive mortgage rates from lenders that match your criteria and compare your offers side-by-side.

Choose a lender

After selecting your top options, connect with lenders online or on the phone. Then choose a lender, finalize your details, and lock in your rate.

Enter your details

Answer some questions about your homebuying or refinancing needs to help us find the right lenders for you.

Compare top rates

See competitive mortgage rates from lenders that match your criteria and compare your offers side-by-side.

Choose a lender

After selecting your top options, connect with lenders online or on the phone. Then choose a lender, finalize your details, and lock in your rate.

Current 15-year mortgage rates

Written by

Jeff Ostrowski

Reviewed by

Greg McBride, CFA

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.

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money.

Weekly national mortgage rate trends
Current 15-year mortgage rates
Pros and cons of a 15-year mortgage
15-year fixed vs 30-year fixed
15-year mortgage FAQs
Refinancing into a 15-year mortgage

About our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our "Advertisers"). Other lenders' terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a "Next" button that can be used to click-through to the Advertiser's own website or a phone number for the Advertiser.

Availability of Advertised Terms: Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Click here for rate criteria by loan product.

Loan Terms for Bankrate.com Customers: Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertisers phone number when you click-through to their website. In addition, credit unions may require membership.

Loans Above $548,250 May Have Different Loan Terms: If you are seeking a loan for more than $548,250, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.

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Weekly national mortgage rate trends

Current mortgage rates

	15 year fixed	6.16%
	30 year fixed	6.81%
	10 year fixed	6.26%
	5/1 ARM	5.51%

Today's national 15-year mortgage rate trends

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

Product	Interest Rate	APR
15-Year Fixed Rate	6.08%	6.11%
15-Year Fixed-Rate Jumbo	6.06%	6.08%
30-Year Fixed Rate	6.77%	6.79%

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

If you don’t mind a higher monthly payment, you might find a 15-year mortgage to be a more attractive option than a longer-term loan. If you’re looking to refinance, it’s smart to consider a 15-year loan, especially if you’re more than halfway through repaying your current 30-year loan. If you refinance into another 30-year loan, you’d extend your repayment period, which costs more in the long run.

In addition, a 15-year mortgage might be a good option if you want to retire mortgage-free. Locking in the shorter duration of a 15-year mortgage now, especially if you’re in your 40s or 50s, allows you to pay it off in time for when you stop working.
There can be more stringent requirements for a 15-year versus a 30-year mortgage. For the former, your lender has to make sure you can afford the larger monthly payments, and usually that means having a higher income and a lower debt-to-income (DTI) ratio. If your DTI ratio is on the higher side, you can work to increase your income or pay down your debt. Some ways you can pay down debt include:
- Pay down your most expensive balance first. Prioritize paying down debt with the highest interest rate first, such as your credit card bills.
- Utilize the snowball method. With the snowball method, you pay off your debt starting with the smallest balance and working up to the largest. The idea is that if you wipe out smaller debt quickly, you’ll have more motivation to tackle larger debt.
- Consider a zero-percent balance transfer card. A zero-percent balance transfer card allows you to transfer your current balance to a new credit card with zero-percent APR, usually for 12 months to 21 months. During this period, you might be able to pay down the debt more easily.
Mortgage lenders set 15-year interest rates based on a number of factors, but it ultimately comes down to the individual borrower. The lender will take into account your credit score, income, debt and savings. The better your credit and financials, the better rate you’ll be offered.

While you can control these qualifying factors, mortgage rates are also influenced by outside forces, including economic conditions and inflation and the lender’s overhead.

Overall, rates change frequently, so when you get a rate you’re comfortable with, consider a rate lock so you won’t have to worry about it changing before you close on your loan.
With a 15-year mortgage, you pay less interest, so you also have less opportunity to take advantage of the mortgage interest deduction.

There’s a caveat: The mortgage interest deduction no longer is of much use to most homeowners, no matter the length of the loan. The Tax Cuts and Jobs Act, which is in effect from 2018 to 2025, allows most homeowners to deduct all of their mortgage interest payments for the year on home loans up to $750,000, but that deduction won’t do much for you unless you have other deductions to push you above the standard deduction. That’s because the standard deduction rose. For 2022, a married couple filing jointly gets a standard deduction of $25,100. At that level, even a large mortgage with a long term and a relatively higher rate might not generate enough interest to take the tax break.

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.

Current 15-year mortgage rates

Weekly national mortgage rate trends

Today's national 15-year mortgage rate trends

Here's how it works:

Enter your details

Compare top rates

Choose a lender

Enter your details

Compare top rates

Choose a lender

Current 15-year mortgage rates

Weekly national mortgage rate trends

Today's national 15-year mortgage rate trends

Current 15-year mortgage rates

Pros and cons of a 15-year mortgage

Pros

Cons

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

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

15-year mortgage FAQs

What is a 15-year fixed mortgage?

Who is a 15-year mortgage best for?

Why compare 15-year mortgage rates?

15-year mortgage requirements

How are 15-year mortgage rates set?

Tax deductions and 15-year fixed mortgage rates

Refinancing into a 15-year mortgage

Written by: Jeff Ostrowski, senior mortgage reporter for Bankrate

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