Compare Today's 15-Year Fixed Mortgage Rates

What is a 15-year fixed-rate mortgage?

A 15-year fixed-rate mortgage is a home loan that keeps the same interest rate and monthly principal-and-interest payment over the 15-year loan period. 15-year mortgages can be used to buy a home or to refinance an existing home loan.

15-year mortgages usually have lower interest rates than 30-year mortgages, but the monthly payments tend to be higher because borrowers repay the money in half the time. However, because borrowers pay off 15-year mortgages faster, they’ll pay less interest over the life of the loan.

The 15-year mortgage is a popular option among homeowners who refinance out of their 30-year purchase mortgages.

» MORE: Pros and cons of a 15-year fixed mortgage

How to find current 15-year mortgage rates

NerdWallet’s mortgage rate tool can help you find competitive 15-year fixed mortgage rates. In the filters above, enter a few details about the loan you’re looking for, and you can see rate quotes without providing personal information.

Mortgage rates vary daily and are influenced by the economy’s overall rate of growth, the inflation rate and the health of the job market. Unpredictable events can affect all of those factors. NerdWallet’s mortgage interest rates forecast gives a snapshot of current trends, along with a forecast for the month.

15-year mortgage rates vary by lender

Each lender offers its own combination of interest rate and fees, so you can save money by comparison shopping and applying with multiple lenders.

After you submit complete mortgage applications, each lender will provide you with a Loan Estimate form. This will let you compare interest rates, origination fees and closing costs and give you confidence that you’re getting the right loan for your situation.

Is it worth refinancing to a 15-year mortgage?

You build home equity faster with a 15-year mortgage than with a 30-year mortgage, and you’ll pay less interest over the life of the loan with a 15-year mortgage. But the monthly mortgage payment will be higher, potentially squeezing your household budget.

In short, a 15-year mortgage makes you pay more every month, but it can save you money in the long run. It's a trade-off that requires you to make a judgment call.

15-year fixed mortgage: Pros and cons

Pros

• Average interest rates are lower for 15-year mortgages than for home loans with longer terms.

• You save money with a 15-year mortgage because you pay interest for fewer years.

• You build equity faster with a 15-year mortgage.

Cons

• Monthly payments for a 15-year mortgage are higher than for a mortgage with a longer term.

• The higher monthly payments on a 15-year mortgage will mean you’ll qualify for a less-expensive home than if you stretched out the loan to 20 or 30 years.

• Because of the higher monthly payment, you’ll have less money available for other investments, such as retirement accounts.

Learn more about fixed-rate loans: