Compare Today's 15-Year Fixed Refinance Rates

What is a 15-year fixed-rate mortgage?

A 15-year fixed-rate mortgage is a home loan that has the same interest rate and monthly principal-and-interest payment over the 15-year loan period. You can use a 15-year mortgage to buy a home or 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 you repay the money in half the time. However, since you can pay off a 15-year mortgage faster, you’ll pay less interest over the life of the loan. This feature makes 15-year loans popular for refinancing a 30-year purchase mortgage.

» MORE: Estimate what you could save with our refinance calculator

How to find current 15-year refinance 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 any personal information.

What’s a good interest rate on a 15-year mortgage?

You can find the best rate and save money by comparison shopping and applying with multiple lenders. Each lender offers its own combination of interest rate and fees.

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.

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.

Pros and cons of refinancing to a 15-year mortgage

You will 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. The higher monthly payments could squeeze your household budget, though. Here’s what to consider.

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

Is it worth refinancing to a 15-year mortgage?

With lower rates and major interest savings, it’s worth checking out 15-year refinance rates if you can afford a higher monthly mortgage payment. But if you want to pay off your mortgage faster, refinancing isn’t your only option. You can also make extra payments toward the principal each month. With this method, you always have the flexibility to back down to the minimum payment any time you need more cash flow.

» MORE: Early mortgage payoff calculator: What should your extra payments be?

Learn more about 15-year fixed-rate loans: