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Today’s 15-year refinance rates
Our weekly rates vs. the national average
Today's national 15-year refinance rate trends
For today, Sunday, May 22, 2022, the national average 15-year fixed refinance APR is 4.670%, down compared to last week’s of 4.780%. The national average 15-year fixed mortgage APR is 4.750%, down compared to last week’s of 4.760%.
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.
Here's how it works:
Today’s 15-year refinance rates
On Sunday, May 22, 2022, the average 15-year fixed refinance APR is 4.670%. The average 15-year fixed mortgage APR is 4.750%, according to Bankrate’s latest survey of the nation’s largest refinance lenders.
Today's national 15-year refinance rate trends
For today, Sunday, May 22, 2022, the national average 15-year fixed refinance APR is 4.670%, down compared to last week’s of 4.780%. The national average 15-year fixed mortgage APR is 4.750%, down compared to last week’s of 4.760%.
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.
On Sunday, May 22, 2022, the average 15-year fixed refinance APR is 4.670%. The average 15-year fixed mortgage APR is 4.750%, according to Bankrate’s latest survey of the nation’s largest refinance lenders.
Today's national 15-year refinance rate trends
For today, Sunday, May 22, 2022, the national average 15-year fixed refinance APR is 4.670%, down compared to last week’s of 4.780%. The national average 15-year fixed mortgage APR is 4.750%, down compared to last week’s of 4.760%.
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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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.
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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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Current 15-year refinance rates
The table below brings together a comprehensive national survey of mortgage lenders to help you know what are the most competitive 15-year refinance interest rates. This interest rate table is updated daily to give you the most current rates when choosing a 15-year refinance home loan.
Product | Interest Rate | APR |
---|---|---|
15-Year Fixed Rate | 4.720% | 4.750% |
15-Year Fixed-Rate Jumbo | 4.730% | 4.740% |
30-Year Fixed Rate | 5.390% | 5.410% |
Rates as of Sunday, May 22, 2022 at 6:30 AM
Top 5 Bankrate 15-year refinance lenders
- Better.com
- Fairway Independent Mortgage Corporation
- Cherry Creek Mortgage
- Interfirst Mortgage Company
- AmeriSave Mortgage Corporation
Methodology
Bankrate helps thousands of borrowers find mortgage and refinance lenders every day. To determine the top mortgage lenders, we analyzed proprietary data across more than 150 lenders to assess which on our platform received the most inquiries within a three-month period. We then assigned superlatives based on factors such as fees, products offered, convenience and other criteria. These top lenders are updated regularly.
What is a 15-year fixed-rate refinance mortgage?
Refinancing to a 15-year fixed-rate mortgage can save you money over the long term in two ways. Lenders charge lower interest rates on shorter-term mortgages, reflecting their lower level of risk in extending the loan compared with a typical 30-year loan. Also, since you’re borrowing the money for half as long, you’ll often save tens of thousands of dollars in interest over the life of the mortgage.
However, with a 15-year loan, you’ll have a higher monthly payment. If you can afford the larger payments, refinancing to a 15-year loan can help you reach homeownership sooner while saving you a bundle on interest.
When to consider a 15-year refinance
If you currently have a 30-year mortgage and have room in your budget for a higher monthly mortgage payment, refinancing to a 15-year fixed-rate loan can make good financial sense. You’ll still have the stability of knowing that the monthly payment won’t change, while getting the benefit of a lower interest rate. Plus, you’ll pay off your home faster, freeing up money for other financial goals like saving for retirement when you do. Keep in mind that you need to show the lender that you have enough income to cover a higher payment in order to qualify for the new loan.
On the other hand, if your main goal is to achieve the lowest possible payment, you're better off refinancing to a 20- or 30-year mortgage. While starting fresh with a new long-term loan isn’t the right tactic for everyone, it is an option, especially if you need to trim monthly expenses.
>>To compare your monthly payments, check out Bankrate's 30-year vs. 15-year mortgage calculator
Pros and cons of a 15-year mortgage refinance
The shorter term of a 15-year loan appeals to borrowers who want to retire their debt quickly, but they come with higher monthly payments. A breakdown:
Pros
- You’ll fully own your home sooner.
- You’ll save a lot on interest, especially if rates have fallen since you bought the home.
- A larger portion of your monthly payments will go toward the loan principal rather than interest.
Cons
- Higher monthly payments compared to longer-term loans due to the shorter repayment period.
- The opportunity cost of tying up money in home equity instead of other financial goals.
- The potential loss of mortgage interest tax breaks due to paying less interest.
Not sure whether to commit to the higher monthly payments? You can mimic the effect of refinancing to a 15-year loan by simply making extra payments on your existing 30-year loan. You’ll pay less interest and shorten the pay off time while still keeping some wiggle room. Should a financial emergency arise, you can revert to your original, lower payment amount for that month, or as long as you need to, without incurring any penalties.
Deciding between a 15-year refi and increasing payments on your existing loan? You can use our Additional Mortgage Payment Calculator to see how extra payments will shorten your pay-off time and lower your interest costs.
15-year refinance FAQs
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.
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.
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- 30-year mortgage rates
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