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

Weekly national mortgage interest rate trends

Current mortgage rates

	15 year fixed	5.79%
	30 year fixed	6.46%
	10 year fixed	5.90%
	5/1 ARM	5.66%

Today's national 15-year mortgage rate trends

As of Tuesday, May 12, 2026, the national average 15-year fixed mortgage interest rate is 5.84%, up compared to last week's of 5.79%. The national average 15-year fixed refinance interest rate is 6.22%, up compared to last week's of 6.01%.

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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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.

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: Compare current mortgage rates for today

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	6.46%	6.53%
15-Year Fixed Rate	5.84%	5.93%
30-Year Fixed Rate FHA	6.28%	6.32%
30-Year Fixed Rate VA	6.49%	6.53%
30-Year Fixed Rate Jumbo	6.63%	6.67%
3/1 ARM Rate	5.68%	6.30%
7/1 ARM Rate	6.13%	6.37%

Rates as of Tuesday, May 12, 2026 at 6:30 AM

Product	Interest Rate	APR
30-Year Fixed Rate	6.78%	6.86%
15-Year Fixed Rate	6.22%	6.32%
30-Year Fixed Rate FHA	6.45%	6.50%
30-Year Fixed Rate VA	6.52%	6.57%
30-Year Fixed Rate Jumbo	6.79%	6.82%
3/1 ARM Rate	5.90%	6.34%
7/1 ARM Rate	6.62%	6.57%

Rates as of Tuesday, May 12, 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 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 to shop around effectively:

Get preapproved: Get rate quotes from at least three mortgage lenders — ideally on the same day, as rates change often. 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.
Compare the interest rate and APR: The interest rate and annual percentage rate (APR) reflect the total cost of the loan. The interest rate is the cost to borrow the funds, while the APR includes the interest rate as well as other costs, such as the origination fee and any points. When comparing rate offers, the APR is a more complete picture of the loan's all-in cost.
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 online, too.

Learn more: How to get the best mortgage rate

Should you get a 15-year mortgage?

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

Can you afford the higher monthly mortgage payments? For many borrowers, fitting a 30-year mortgage payment into their monthly budget is already a stretch. 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.
How comfortable are you with debt? If you prefer paying down the mortgage more quickly, then check out 15-year term options. But 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.

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

Build equity faster: 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.
Pay less interest: 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.
Pay more toward the loan principal: 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.

Cons

Higher monthly payments: A shorter loan will have higher payments than a longer loan for the same amount. If you’re struggling to qualify, a 15-year mortgage will only increase the challenge.
Opportunity cost: A mortgage is typically relatively “cheap” debt, even at today's rates. If you spend more money on your mortgage, you'll have less money to save — or to invest, which may earn you a better return.
Potential loss of tax breaks: 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.

Ask the Experts

Is a 15-year mortgage right for me?

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 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.

x

Jeff Ostrowski

Writer and Housing Market Analyst

I can answer that question only by asking one of my own: How do you feel about debt? If you view it 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, 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 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.

x

Refinancing into a 15-year mortgage

If you have a 30-year mortgage and feel comfortable spending more on your monthly payment, 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 2021 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 the balance of your current loan and how much lower you can cut your rate, your monthly payment might not increase much, or even at all.

Whichever type of refinance you pursue, shop around for rates and compare offers, including lender fees.

Learn more: How to refinance your mortgage

FAQ

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.

Additional resources for getting a 15-year mortgage

Bankrate's mortgage calculator

Use our free mortgage calculator to estimate your monthly mortgage payments.

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Written by

Andrew Dehan Andrew Dehan

Senior Writer, Home Lending

Compare current 15-year mortgage rates

National average mortgage rates over time

Today's national 15-year mortgage rate trends

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

Current 15-year mortgage rates compared to other loan types

National mortgage rates by loan type

How Bankrate collects mortgage rates

How to compare current 15-year mortgage rates

Should you get a 15-year mortgage?

Pros

Cons

Is a 15-year mortgage right for me?

Refinancing into a 15-year mortgage

FAQ

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?

Additional resources for getting a 15-year mortgage

Mortgage rates in other states