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Compare current 15-year mortgage rates

Jul. 21, 2024

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On Sunday, July 21, 2024, the national average 15-year fixed mortgage APR is 6.37%. The average 15-year fixed refinance APR is 6.39%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

On Sunday, July 21, 2024, the national average 15-year fixed mortgage APR is 6.37%. The average 15-year fixed refinance APR is 6.39%, 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.

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.

National mortgage rates by loan type

Product Interest Rate APR
15-Year Fixed Rate 6.29% 6.37%
30-Year Fixed Rate 6.85% 6.90%
5-1 ARM 6.43% 7.66%
30-Year Fixed Rate FHA 6.82% 6.86%
30-Year Fixed Rate VA 7.00% 7.05%
30-Year Fixed Rate Jumbo 6.94% 6.99%

Rates as of Sunday, July 21, 2024 at 6:30 AM

 

 

Should you get a 15-year mortgage?

There’s no right or wrong answer, so consider:

  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:

Pros of a 15-year mortgage

  • You’ll build equity faster. Compared to a 30-year loan, you’ll pay down your balance much more quickly.
  • You’ll pay less interest. Rates on 15-year loans are typically lower than rates on 30-year loans. What’s more, you’ll pay less interest over the life of the loan.
  • A larger chunk of monthly payments go toward the loan principal rather than interest. With a 30-year mortgage, only a fraction of early payments go to repaying principal. A 15-year loan speeds up that process.

Cons of a 15-year mortgage

  • You’ll have higher monthly payments compared to longer-term loans. If you’re struggling to qualify, a 15-year mortgage will only increase the challenge.
  • There’s an opportunity cost. Maybe it makes more sense to borrow more against your house and to invest the proceeds for retirement or other financial goals.
  • There’s a potential loss of mortgage interest tax breaks due to paying less interest. Many Americans no longer benefit from the mortgage interest deduction, but if you do, consider the tax implications.

If I can afford it, should I get a 15-year mortgage?


Phil Crescenzo Jr.

Vice President, Southeast Division, Nation One Mortgage Corporation

I strongly recommend a 15-year fixed mortgage if the payment is affordable, as the significant amount of equity gained per payment is very substantial. Even with higher rates, the mortgage is much shorter, with much less interest, and it’s a great way to tackle equity with every payment made.

Principal writer, Home Lending

I can answer that question only by asking one of my own: How do you feel about debt? If you view debt as a burden and you’re counting down the years to your mortgage-burning party, then absolutely opt for the 15-year loan over a 30-year mortgage. You might even consider a 10-year loan. With either of the shorter-term options, you’ll get a lower rate and you’ll pay far less in interest over the life of the mortgage. On the other hand, if you view mortgage debt as a tool and as part of your overall portfolio, then maybe the 30-year loan makes more sense. The rationale goes like this: You can use the long-term loan to leverage your home for investments. By extending your payoff date and lowering your monthly payment, you’ll have more cash to direct to retirement accounts and other investments. Either answer can be right — but the first step is to identify which debt camp you fall in.

Lender compare

Compare mortgage lenders side by side

Mortgage rates and fees can vary widely across lenders. To help you find the right one for your needs, use this tool to compare lenders based on a variety of factors. Bankrate has reviewed and partners with these lenders, and the two lenders shown first have the highest combined Bankrate Score and customer ratings. You can use the drop downs to explore beyond these lenders and find the best option for you.

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Garden State Home Loans

NMLS: 473163

State License: MB-473163

3.6

Rating: 3.6 stars out of 5
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Recent Customer Reviews

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Rating: 4.98 stars out of 5

5.0

563reviews

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Homefinity

NMLS: 2289

State License: 4965

4.5

Rating: 4.5 stars out of 5
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Recent Customer Reviews

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Rating: 4.94 stars out of 5

4.9

1064reviews

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.

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.

Learn more about how to refinance your mortgage.

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.

Read more from Jeff Ostrowski

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.

Read more from Suzanne De Vita

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.

Read more from Greg McBride