Skip to Main Content

Current 15-year mortgage rates

Apr. 15, 2024

Compare personalized rates in your area to find a lender

Here's how it works:

Online

Enter your details

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

Mortgage Percent

Compare top rates

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

Online

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.

On Monday, April 15, 2024, the national average 15-year fixed mortgage APR is 6.62%. The average 15-year fixed refinance APR is 6.67%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

On Monday, April 15, 2024, the national average 15-year fixed mortgage APR is 6.62%. The average 15-year fixed refinance APR is 6.67%, 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 do 15-year mortgage rates compare to other loan types?

Lightbulb

Bankrate Insight

A 15-year mortgage is a home loan that’s amortized over 15 years, or 180 months. Compared to a 30-year mortgage, a 15-year loan requires higher monthly payments but less interest over the life of the loan.

 

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.

15-year fixed-rate mortgage 30-year fixed-rate mortgage
Loan principal $325,000 $325,000
Interest rate 6.25% 7%
Monthly payment $2,787 $2,162
Total interest $176,592 $453,404
Total payments $501,592 $778,404

*Notes: Interest rates as of Jan. 24, 2024; monthly payments do not include insurance or taxes.

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 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, potentially allows you to pay it off by the time you plan to stop working.

Learn more: Compare current mortgage rates for today

National mortgage rates by loan type

Product Interest Rate APR
15-Year Fixed Rate 6.54% 6.62%
30-Year Fixed Rate 7.05% 7.10%
5-1 ARM 6.58% 7.81%
30-Year Fixed Rate FHA 6.96% 7.01%
30-Year Fixed Rate VA 7.17% 7.21%
30-Year Fixed Rate Jumbo 7.21% 7.27%

Rates as of Monday, April 15, 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.

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.

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.

Caret DownCaret Up
Garden State Home Loans

NMLS: 473163

State License: MB-473163

3.6

Rating: 3.6 stars out of 5
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
Bankrate Score
Info

Recent Customer Reviews

Info
Rating: 4.98 stars out of 5

5.0

562reviews

Caret DownCaret Up
Homefinity

NMLS: 2289

State License: 4965

4.5

Rating: 4.5 stars out of 5
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
Bankrate Score
Info

Recent Customer Reviews

Info
Rating: 4.94 stars out of 5

4.9

1062reviews

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

 

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