15-Year Fixed Mortgage Rates Today
Build equity faster and save on interest with a 15-year fixed mortgage. Compare rates and calculate your payment.
Current Rates
15-Year Fixed Advantages
- - Lower interest rate than 30-year loans
- - Build home equity twice as fast
- - Pay dramatically less total interest
- - Own your home outright sooner
- - No PMI sooner due to faster equity build-up
15-Year Fixed Considerations
- - Higher monthly payments (roughly 40-50% more)
- - Less financial flexibility each month
- - May qualify for a smaller loan amount
- - Less mortgage interest tax deduction
- - Opportunity cost vs investing the difference
15-Year Payment Calculator
Mortgage Calculator
Estimate only. Does not include taxes, insurance, PMI, or HOA fees.
Lower monthly payments with a longer term.
Switch from 30-year to 15-year and save.
Frequently Asked Questions
Why are 15-year rates lower than 30-year rates?
Lenders charge less for 15-year loans because they carry less risk. The shorter term means faster payoff, less exposure to default, and lower interest rate risk for the lender.
How much do I save with a 15-year vs 30-year mortgage?
On a $320,000 loan, a 15-year mortgage at 6.12% vs a 30-year at 6.78% saves approximately $220,000 in total interest. However, monthly payments are about $800-1,000 higher.
Can I refinance from a 30-year to a 15-year mortgage?
Yes, refinancing to a 15-year term is common when rates drop or your income increases. You will need to qualify based on the higher monthly payment.