What factors are considered in 15-year mortgage rates?

Mortgage lenders set 15-year interest rates based on a number of factors, including your individual credit profile, income, debt and savings — the same factors that impact rates for any type of mortgage. Generally, the stronger your credit and financials, the lower the rate you’ll get. Mortgage rates are also influenced by outside forces, including Federal Reserve decisions and inflation.

What are the requirements for a 15-year mortgage?

There can be more strict requirements for a 15-year mortgage versus a 30-year one. 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 DTI ratio. You’ll need to meet the lender’s minimum credit score and down payment requirements as well. These vary based on loan type.

Does a 15-year mortgage have a lower interest rate?

Yes — compared to longer-term mortgages, 15-year mortgages usually come with a lower interest rate. This accounts for the lower level of risk the lender takes on extending a loan over 15 years instead of 20 or 30, among other factors.

Compare Current 15-Year Mortgage Rates

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Showing results for: Single-family home, 15 year fixed mortgages with all points options.

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Optimum First Mortgage 15 Year Fixed

NMLS #240415 | State Lic: RM.804405.000

Rate as of 7/1/26: 4.998%
APR: 5.336%
Points: 1.622
Monthly payment: $2,783
Upfront costs: $7,7048 year cost: $119,456
Customer score

Aimloan 15 Year Fixed

NMLS #2890 | State Lic: RM.850089.000

Rate as of 7/1/26: 5.000%
APR: 5.332%
Points: 1.871
Monthly payment: $2,784
Upfront costs: $7,5818 year cost: $119,750
Customer score

Mutual of Omaha Mortgage 15 Year Fixed

NMLS # 1025894

Rate as of 7/1/26: 4.990%
APR: 5.342%
Points: 1.645
Monthly payment: $2,782
Upfront costs: $8,0288 year cost: $119,957
Customer score

Mcglone Mortgage Group 15 Year Fixed

NMLS #3232

Rate as of 7/1/26: 4.990%
APR: 5.382%
Points: 2
Monthly payment: $2,782
Upfront costs: $8,9358 year cost: $120,864
Customer score

First Residential Independent Mortgage 15 Year Fixed

NMLS #1907

Rate as of 7/1/26: 4.990%
APR: 5.405%
Points: 1.688
Monthly payment: $2,782
Upfront costs: $9,4428 year cost: $121,371
Customer score

First Federal Bank 15 Year Fixed

NMLS #408902

Rate as of 7/1/26: 5.125%
APR: 5.446%
Points: 1.735
Monthly payment: $2,807
Upfront costs: $7,3028 year cost: $122,479
Customer score

Real Genius 15 Year Fixed

NMLS #2389303 | State Lic: RM.804955.000

Rate as of 7/1/26: 5.125%
APR: 5.454%
Points: 1.762
Monthly payment: $2,807
Upfront costs: $7,4978 year cost: $122,674
Customer score

Third Federal Savings and Loan 15 Year Fixed

NMLS #449401

Rate as of 7/1/26: 5.090%
APR: 5.461%
Points: 2
Monthly payment: $2,800
Upfront costs: $8,4358 year cost: $122,769
Customer score

Tomo Mortgage 15 Year Fixed

NMLS #2059741 | State Lic: RM.804811.000

Rate as of 7/1/26: 5.125%
APR: 5.511%
Points: 1.901
Monthly payment: $2,813
Upfront costs: $8,3918 year cost: $123,198
Customer score

The Central Trust Bank 15 Year Fixed

NMLS #407985

Rate as of 7/1/26: 5.125%
APR: 5.491%
Points: 1.795
Monthly payment: $2,807
Upfront costs: $8,3088 year cost: $123,485
Customer score

Alliant Credit Union 15 Year Fixed

NMLS #197185

Rate as of 7/1/26: 5.250%
APR: 5.535%
Points: 1.567
Monthly payment: $2,830
Upfront costs: $6,4668 year cost: $124,661
Customer score

Sage Home Loans 15 Year Fixed

NMLS #3304 | State Lic: RM.850026.000

Rate as of 7/1/26: 5.250%
APR: 5.602%
Points: 1.842
Monthly payment: $2,830
Upfront costs: $7,9788 year cost: $126,173
Customer score

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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 $832,750 May Have Different Loan Terms: If you are seeking a loan for more than $832,750, 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.

Taxes and Insurance Excluded from Loan Terms: The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included.

Consumer Satisfaction: If you have used Bankrate.com and have not received the advertised loan terms or otherwise been dissatisfied with your experience with any Advertiser, we want to hear from you. Please click here to provide your comments to Bankrate Quality Control.

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Current 15-year mortgage rate trends

Much like 30-year rates, 15-year mortgage rates retreated in late 2025 — but even so, no one expects them to return to the record lows seen during the pandemic. So if you're confident you want to buy, you might not want to keep waiting around for lower rates.

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.

Product	Interest Rate	APR
30-Year Fixed Rate	6.47%	6.54%
15-Year Fixed Rate	5.88%	5.98%
30-Year Fixed Rate FHA	6.48%	6.54%
30-Year Fixed Rate VA	6.59%	6.64%
30-Year Fixed Rate Jumbo	6.57%	6.61%
3/1 ARM Rate	5.59%	6.43%
7/1 ARM Rate	6.03%	6.40%

Rates as of Wednesday, July 01, 2026 at 6:30 AM

Product	Interest Rate	APR
30-Year Fixed Rate	6.64%	6.72%
15-Year Fixed Rate	6.07%	6.16%
30-Year Fixed Rate FHA	6.77%	6.80%
30-Year Fixed Rate VA	5.95%	6.08%
30-Year Fixed Rate Jumbo	6.74%	6.77%
3/1 ARM Rate	5.68%	6.41%
7/1 ARM Rate	5.93%	6.34%

Rates as of Wednesday, July 01, 2026 at 6:30 AM

Bankrate’s mortgage rates include national rate and APR averages; Bankrate Monitor (BRM) National Index rate averages; and “top offers”:
- National rate and APR averages: Displayed as daily and weekly averages, these rates and APRs are primarily collected from the 5 largest banks and thrifts across hundreds of markets in the U.S.
- Bankrate Monitor (BRM) National Index rate averages: Reported weekly, this long-standing survey collects rates from banks and thrifts across hundreds of markets in the U.S.
- “Top offers”: Displayed daily and weekly, these are an average of the rates listed first on our rate tables as advertised by our partners. The averages shown are based on the loan type and term selected.
You can compare national average mortgage rates to top offers to see how much you could save when shopping on Bankrate.

Learn more about how we collect, display and report mortgage rates.

How to shop for a 15-year mortgage

Shopping for a 15-year mortgage follows many of the same steps as applying for a 30-year loan. You'll still need to gather financial documents, compare offers from at least three lenders and evaluate loan terms. However, because 15-year mortgages come with significantly higher monthly payments, lenders will scrutinize your finances much more closely.

To lock in the best deal, you need to understand how the qualification process shifts and how your choice of loan type alters your options:

Audit your debt-to-income (DTI) ratio: Because a 15-year term compresses your principal paydown into half the time, your monthly payment will be significantly higher than a 30-year alternative. Underwriters will scrutinize your cash flow closely. Prioritize paying down revolving credit cards or auto loans to lower your debt-to-income (DTI) ratio to below 43%.
Prioritize APR over the advertised interest rate: Lenders routinely offer lower baseline interest rates on 15-year terms because they recoup their capital faster. However, because the loan life is shorter, heavy upfront origination fees or discount points will inflate your total costs. Request loan estimates from at least three lenders on the same day and choose the loan with the lowest annual percentage rate (APR) — which weaves interest and lender fees into a single, transparent baseline.
Match your loan program to your timeline requirements: Conventional, FHA and VA programs typically support 15-year fixed payment structures. However, nonconforming loans usually do not. For example, if you are targeting a zero-down-payment USDA rural housing loan, you cannot select a 15-year term; the program mandates a 30-year structure.

Pros and cons of a 15-year mortgage

Pros

You’ll pay down your balance much more quickly with a 15-year loan, compared to a 30-year option. That may make it easier to borrow against your home or take on other loans in the future.
Rates on 15-year loans are typically lower than rates on 30-year loans. What’s more, you’ll also pay less interest over the life of the loan, since the life of the loan is shorter.
With a 30-year mortgage, only a fraction of your early payments go toward repaying the loan principal. A 15-year loan speeds up that process. On a typical $400,000 loan, a 15-year term can save you nearly $300,000 on interest compared to a 30-year option.

Cons

Compressing 30 years of principal into 15 means your mandatory monthly payment will jump by roughly 30% to 50% for the exact same loan amount. If your income fluctuates or you have tight monthly cash flow, this higher structural obligation increases your financial risk.
A mortgage is typically considered “cheap” debt, even at today's rates. Sinking all your extra cash into your house means you have less liquidity to build an emergency fund or invest in retirement accounts, which may earn you a better return.
Paying less in mortgage interest may mean losing the tax breaks sometimes associated with it. Many Americans no longer benefit from the mortgage interest deduction, but if you do, consider the tax implications.

Crunch the numbers: Calculate if a 15- or 30-year mortgage would suit you best

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 you’ll find. That’s the upside.

The downside? The shorter repayment schedule means your monthly payment will be higher, because you're repaying the same amount over less time.

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.

	15-year fixed-rate mortgage	30-year fixed-rate mortgage
Loan amount	$400,000	$400,000
Interest rate	5.47%	6.16%
Monthly mortgage payment (principal and interest)	$3,262	$2,440
Interest total over life of loan	$187,155	$478,221
Total cost of loan	$587,155	$878,221

Note: These mortgage interest rates are as of Jan. 8, 2026. The figures do not include homeowners insurance, property taxes or other costs that might be included with your monthly mortgage payment.

If you can handle the higher monthly payment, you might find a 15-year mortgage a more attractive option than a longer-term loan.

A 15-year loan might also be a good option if you're hoping to retire mortgage-free. Locking in the shorter duration of a 15-year mortgage now, especially if you’re in your 40s or 50s, potentially allows you to pay it off by the time you plan to stop working.

Learn more: How to get the best mortgage rate

Alternatives to a 15-year mortgage

If a 15-year mortgage feels out of reach, several alternatives can help you balance affordability with long-term savings. One option is to take out a traditional 30-year mortgage and make extra payments toward your principal.

Additional options include a:

After a financial windfall, such as taxes or a year-end bonus, you can make a lump-sum payment toward your principal balance. Then your lender can recalculate your monthly payments based on the lower balance. While recasting won’t shorten your loan term, it can reduce your monthly payment while preserving the flexibility of a 30-year mortgage.

Some borrowers choose a 30-year mortgage and invest the difference between a 15-year and 30-year payment in a brokerage account or retirement fund. For example, instead of making a $3,020 payment on a 15-year loan, you pay the lower $2,292 on a 30-year loan and invest the $728 in an account yielding higher returns. This strategy may generate higher long-term returns, though investment gains are never guaranteed and come with market risk.

A 20-year mortgage offers a middle ground between a 15-year and 30-year loan. You’ll pay off the home sooner and spend less on interest than with a 30-year mortgage, while benefiting from lower monthly payments than a 15-year loan typically requires.

Frequently asked questions

Mortgage lenders set 15-year interest rates based on a number of factors, including your individual credit profile, income, debt and savings — the same factors that impact rates for any type of mortgage. Generally, the stronger your credit and financials, the lower the rate you’ll get. Mortgage rates are also influenced by outside forces, including Federal Reserve decisions and inflation.
There can be more strict requirements for a 15-year mortgage versus a 30-year one. 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 DTI ratio. You’ll need to meet the lender’s minimum credit score and down payment requirements as well. These vary based on loan type.
Yes — compared to longer-term mortgages, 15-year mortgages usually come with a lower interest rate. This accounts for the lower level of risk the lender takes on extending a loan over 15 years instead of 20 or 30, among other factors.

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Written by

Andrew Dehan Andrew Dehan

Former Senior Writer, Home Lending

	15 year fixed	5.96%
	30 year fixed	6.57%
	10 year fixed	5.88%
	5/1 ARM	5.82%

Compare current 15-year mortgage rates

National average mortgage rates over time

Today's national 15-year mortgage rate trends

Don't be like the 90% of buyers who overpay

15-year mortgage rates today

How Bankrate works

How Bankrate works

Compare mortgage offers

Get rates based on your information

Review your options

Weekly national mortgage interest rate trends

Today's national 15-year mortgage rate trends

Current 15-year mortgage rate trends

National mortgage rates by loan type

How Bankrate collects mortgage rates

How to shop for a 15-year mortgage

Pros and cons of a 15-year mortgage

Pros

Cons

Current 15-year mortgage rates compared to other loan types

Alternatives to a 15-year mortgage

Frequently asked questions

What factors are considered in 15-year mortgage rates?

What are the requirements for a 15-year mortgage?

Does a 15-year mortgage have a lower interest rate?

Next steps

Meet the Bankrate experts

Mortgage rates in other states