15 Year Fixed Mortgage Rates

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The second most popular mortgage term, the 15-year term comes with some nice perks—and some caveats. Paying the loan off in 15 years means you are building equity quickly, and also brings a very competitive interest rate. However, you must be able to budget the big monthly payment that comes along with it. This often equates to a smaller loan for many purchasers.

Start the process for a 15 year fixed mortgage today

Start the process for either a purchase or refinance 15 year fixed mortgage and have a licensed loan officer contact you for a custom quote today.

What is a 15 year fixed mortgage?

The 15-year fixed mortgage is a loan which gives you 15 years to pay off the balance at an interest rate which will not change over the 15-year life of the loan. You save half the time (and even more in interest payments) over a typical 30-year fixed mortgage.

How does a 15 year fixed mortgage work?

A popular option for mortgage refinances, a 15-year fixed mortgage provides a set payment (usually monthly) for the lifetime of the loan—in this situation, for 15 years. The interest rate is locked in at the time you obtain the mortgage, and cannot increase (or decrease), no matter the change in rates offered by lenders later. It usually comes with a lower interest rate than its 30- and 20-year counterparts.

Is a 15 year fixed mortgage loan a good idea?

The 15-year mortgage comes with some nice perks—and some caveats. Paying the loan off in 15 years means you are building equity quickly, and also brings a very competitive interest rate. However, you must be able to budget the big monthly payment that comes along with it. This often equates to a smaller loan for many purchasers, as well as less money for other potential debts.

Lock in your 15 year fixed rate today

With a wide variety of financing options a loan officer can help you find and lock in the best 15 year fixed rate for purchasing a home or refinancing your existing mortgage. Contact us to get started today!

Mortgage rate questions?

15-year fixed mortgage rates change daily and are determined by 5 major driving factors which you can control: Property type and use, loan-to-value ratio, your FICO score, and whether you are purchasing or refinancing the mortgage.

Getting the lowest 15-year fixed jumbo refinance rate depends on 4 main elements: the refinance type (rate/term or cash out), the amount of equity you have in the property, any second mortgages, liens or subordinate financing you already have, and your financial report card.

Jumbo (loan amount >$510,400) 15-year fixed rates are typically higher than conforming loans. This process should also include comparing loan estimates, having a 740+ FICO score, 60% (or less) loan-to-value, and the property being your primary residence.

Conforming (loan amount <$510,400) 15-year fixed rates are typically lower than jumbo loans. This process should also include comparing loan estimates, having a 740+ FICO score, 60% (or less) loan-to-value, and the property being your primary residence.

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