Compare current 15-year mortgage rates
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Top offers on Bankrate vs. the national average interest rate
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APRs not included. For our most recent APR information, please visit our
How our rates are calculated
- The national average is calculated by averaging interest rate information provided by 100-plus lenders nationwide. Compare the national average versus top offers on Bankrate to see how much you can save when shopping on Bankrate.
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Bankrate top offers represent the weekly average interest rate among top offers within our rate table for the loan type and term selected. Use our rate table to view personalized rates from our nationwide marketplace of lenders on Bankrate.
For the week of August 11th, top offers on Bankrate are X% lower than the national average. On a $340,000 30-year loan, this translates to $XXX in annual savings.
Today's national 15-year mortgage rate trends
For today, Sunday, August 18, 2024, the national average 15-year fixed mortgage interest rate is 5.95%, up compared to last week's rate of 5.91%. The national average 15-year fixed refinance interest rate is 5.95%, up compared to last week's rate of 5.94%.
The average rate on a 15-year mortgage is lower than the rate on the more popular 30-year loan, which currently hovers at 7 percent. Across the board, mortgage rates have stabilized in recent weeks, in contrast to earlier forecasts that called for rates to steadily decline. While that’s still the projected outcome, the decrease likely won’t be as sharp as first anticipated.
However mortgage rates move, if you need a loan now for a home purchase or refinance, take the time to compare offers from at least three different mortgage lenders. You might find considerable differences in rate, or varying fees (often reflected in the APR) and customer service experiences.
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See competitive mortgage rates from lenders that match your criteria and compare your offers side-by-side.
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After selecting your top options, connect with lenders online or on the phone. Then choose a lender, finalize your details, and lock in your rate.
Enter your details
Answer some questions about your homebuying or refinancing needs to help us find the right lenders for you.
Compare top rates
See competitive mortgage rates from lenders that match your criteria and compare your offers side-by-side.
Choose a lender
After selecting your top options, connect with lenders online or on the phone. Then choose a lender, finalize your details, and lock in your rate.
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On Sunday, August 18, 2024, the national average 15-year fixed mortgage APR is 6.03%. The average 15-year fixed refinance APR is 6.03%, according to Bankrate's latest survey of the nation's largest mortgage lenders.
On Sunday, August 18, 2024, the national average 15-year fixed mortgage APR is 6.03%. The average 15-year fixed refinance APR is 6.03%, according to Bankrate's latest survey of the nation's largest mortgage lenders.
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money.
Weekly national mortgage interest rate trends
Current mortgage rates
15 year fixed | 5.95% | |
30 year fixed | 6.57% | |
10 year fixed | 5.95% | |
5/1 ARM | 6.16% |
Today's national 15-year mortgage rate trends
For today, Sunday, August 18, 2024, the national average 15-year fixed mortgage interest rate is 5.95%, up compared to last week's of 5.91%. The national average 15-year fixed refinance interest rate is 5.95%, up compared to last week's of 5.94%.
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.
Current 15-year mortgage rate trends
So far in 2024, the average rate for a 15-year fixed-rate mortgage has stayed in the 6 percent range, hitting a low of 6.13 percent in January, according to Bankrate data. The rate tracked up to 6.5 percent in February, but has since retreated under that mark.
Current 15-year mortgage rates compared to other loan types
Bankrate insight
A 15-year mortgage is a home loan that’s amortized over 15 years, or 180 months. Compared to a 30-year mortgage, a 15-year loan requires higher monthly payments but less interest over the life of the loan.
One major advantage of a 15-year mortgage is its lower interest rate. Compared to a 30-year loan, a 15-year mortgage can carry an interest rate that’s about three-quarters of a percentage point lower. In fact, 15-year loans are some of the cheapest money you’ll find. That’s the upside. The downside? The shorter repayment schedule means your monthly payment will be higher.
Even if the total amount you’re interested in borrowing would be the same for a 15- or 30-year mortgage, you might have an easier time qualifying for the longer-term loan because its monthly payments are smaller and more manageable.
15-year fixed-rate mortgage | 30-year fixed-rate mortgage | |
---|---|---|
Loan principal | $325,000 | $325,000 |
Interest rate | 6.38% | 6.95% |
Monthly payment | $2,810 | $2,151 |
Total interest | $180,747 | $449,479 |
Total payments | $505,747 | $774,479 |
*Notes: Interest rates as of April 6, 2024; monthly payments do not include insurance or taxes.
If you can handle the higher monthly payment, you might find a 15-year mortgage a more attractive option than a longer-term loan.
A 15-year loan might also be a good option if you want to retire mortgage-free. Locking in the shorter duration of a 15-year mortgage now, especially if you’re in your 40s or 50s, potentially allows you to pay it off by the time you plan to stop working.
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Bankrate displays two sets of rate averages produced from two surveys: one daily (“overnight averages”) and one weekly (“Bankrate Monitor averages”).
- Overnight averages: We calculate daily overnight rate averages on various products from several financial institutions. We collect these APRs after close of business, and they reflect the previous day’s pricing based on a borrower with a 740 FICO credit score and an 80 percent loan-to-value (LTV) ratio buying an existing, single-family primary residence.
- Bankrate Monitor (BRM) rate averages: On a weekly basis, we also collect APRs from the 10 largest banks and thrifts in 10 of the biggest U.S. markets. For these averages, we assume a borrower with a 700 FICO credit score (740 if a non-conforming loan) and an 80 percent loan-to-value (LTV) ratio, among other criteria.
The overnight and Bankrate Monitor averages are based on no existing relationship or automatic payments. Learn more about our rate averages, editorial guidelines and how we make money.
How to compare current 15-year mortgage rates
For the best chance of getting the lowest possible mortgage rate, compare loan offers from more than one lender. You might even consider working with a mortgage broker. Here’s how:
- Get preapproved: Get rate quotes from at least three mortgage lenders, ideally on the same day so you have an accurate basis for comparison. Lenders determine your interest rate based on your credit score, debt-to-income (DTI) ratio and other factors, including the size of your down payment. Generally, borrowers with a credit score of 740 and up, a substantial down payment (20 percent is ideal, but not required) and a DTI ratio of no more than 43 percent score the most attractive offers.
- Compare the interest rate and APR: The interest rate and annual percentage rate (APR) reflect the cost of the loan. The interest rate is the cost to borrow the funds, while the APR includes the interest rate and other costs such as the origination fee and any points. When comparing rate offers, the APR is a more complete picture of the all-in cost.
- Consider the lender’s ratings and your experience: Aside from the numbers, evaluate other factors such as convenience and the lender’s responsiveness. Take a look at what other borrowers have had to say about the lender, too.
National mortgage rates by loan type
Product | Interest Rate | APR |
---|---|---|
15-Year Fixed Rate | 5.95% | 6.03% |
30-Year Fixed Rate | 6.56% | 6.61% |
5-1 ARM | 6.15% | 7.29% |
30-Year Fixed Rate FHA | 6.64% | 6.68% |
30-Year Fixed Rate VA | 6.76% | 6.80% |
30-Year Fixed Rate Jumbo | 6.69% | 6.74% |
Rates as of Sunday, August 18, 2024 at 6:30 AM
Product | Interest Rate | APR |
---|---|---|
15-Year Fixed Rate | 5.95% | 6.03% |
30-Year Fixed Rate | 6.54% | 6.59% |
5-1 ARM | 6.04% | 7.14% |
30-Year Fixed Rate FHA | 6.76% | 6.80% |
30-Year Fixed Rate VA | 7.39% | 7.42% |
30-Year Fixed Rate Jumbo | 6.61% | 6.66% |
Rates as of Sunday, August 18, 2024 at 6:30 AM
Should you get a 15-year mortgage?
There’s no right or wrong answer, so consider:
- Can you afford the higher monthly mortgage payments? Many borrowers stretch as it is to fit a 30-year mortgage payment into their monthly budget. If that’s the case for you, it might be better to stick with the longer mortgage term, even if you don’t plan to stay in the home the full 30 years.
- How do you feel about debt? If you’re comfortable with the concept of debt as a financial tool, it might make more sense to go with a 30-year loan. If you prefer paying down the mortgage more quickly, then check out 15-year term options.
You’ll also want to consider both the benefits and drawbacks of a 15-year mortgage so you can see how one might fit your financial goals:
Pros of a 15-year mortgage
- You’ll build equity faster. Compared to a 30-year loan, you’ll pay down your balance much more quickly.
- You’ll pay less interest. Rates on 15-year loans are typically lower than rates on 30-year loans. What’s more, you’ll pay less interest over the life of the loan.
- A larger chunk of monthly payments go toward the loan principal rather than interest. With a 30-year mortgage, only a fraction of early payments go to repaying principal. A 15-year loan speeds up that process.
Cons of a 15-year mortgage
- You’ll have higher monthly payments compared to longer-term loans. If you’re struggling to qualify, a 15-year mortgage will only increase the challenge.
- There’s an opportunity cost. Maybe it makes more sense to borrow more against your house and to invest the proceeds for retirement or other financial goals.
- There’s a potential loss of mortgage interest tax breaks due to paying less interest. Many Americans no longer benefit from the mortgage interest deduction, but if you do, consider the tax implications.
If I can afford it, should I get a 15-year mortgage?
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Phil Crescenzo Jr.
Vice President, Southeast Division, Nation One Mortgage Corporation
I strongly recommend a 15-year fixed mortgage if the payment is affordable, as the significant amount of equity gained per payment is very substantial. Even with higher rates, the mortgage is much shorter, with much less interest, and it’s a great way to tackle equity with every payment made.
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Jeff Ostrowski
Principal writer, Home Lending
I can answer that question only by asking one of my own: How do you feel about debt? If you view debt as a burden and you’re counting down the years to your mortgage-burning party, then absolutely opt for the 15-year loan over a 30-year mortgage. You might even consider a 10-year loan. With either of the shorter-term options, you’ll get a lower rate and you’ll pay far less in interest over the life of the mortgage. On the other hand, if you view mortgage debt as a tool and as part of your overall portfolio, then maybe the 30-year loan makes more sense. The rationale goes like this: You can use the long-term loan to leverage your home for investments. By extending your payoff date and lowering your monthly payment, you’ll have more cash to direct to retirement accounts and other investments. Either answer can be right — but the first step is to identify which debt camp you fall in.
Lender compare
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Mortgage rates and fees can vary widely across lenders. To help you find the right one for your needs, use this tool to compare lenders based on a variety of factors. Bankrate has reviewed and partners with these lenders, and the two lenders shown first have the highest combined Bankrate Score and customer ratings. You can use the drop downs to explore beyond these lenders and find the best option for you.
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Garden State Home Loans
NMLS: 409701
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3.6
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Bankrate's take
Garden State Home Loans doesn’t solely work with borrowers in New Jersey; it also lends in a handful of other states, including Florida, New York, Pennsylvania and Texas. While that limits who can work with this lender, if you’re in one of its operating states, Garden State can be a smart choice if you’re looking for dedicated service — including a loan officer available nights and weekends — and swift closings.
Loans offered
Conventional, jumbo, FHA, VA, USDA, refinancing and more
Min. credit score required
Nationwide availability
Connecticut, Delaware, Florida, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Pennsylvania, Tennessee, Texas and Virginia
Min. down payment
3% for conventional loans, 3.5% for FHA loans, none for VA loans or USDA loans
Recent Customer Reviews
5.0
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Homefinity
NMLS: 2289
|
State License: 4965
4.5
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Bankrate's take
Homefinity is an imprint of Fairway Independent Mortgage, one of the top five mortgage lenders in the U.S. It offers many of the perks of an online lender, including up-to-the-minute rates and calculators to help you estimate your homebuying budget, refinance savings and more. If you’re looking for a lender with a fast, convenient process, Homefinity could be a good choice for you. Also, if you’re a medical professional, Homefinity can help you get financing for your unique financial situation.
Loans offered
Conventional, FHA, VA, refinancing and more
Min. credit score required
Nationwide availability
All U.S. states except New York
Min. down payment
3% for conventional loans, 3.5% for FHA loans, none for VA loans or USDA loans
Recent Customer Reviews
4.9
Refinancing into a 15-year mortgage
If you have a 30-year mortgage and are more than halfway through your loan term, refinancing into a 15-year loan with a lower rate could save you thousands in interest. Bankrate’s 15-year vs. 30-year calculator can help you make the decision.
In general, 15-year mortgages have higher monthly payments due to the shorter term — but, depending on how much lower you can cut your rate and the balance of your current loan, your monthly payment might not increase as much as you think it will, or at all.
Whichever type of refinance you pursue, shop around for rates and compare offers, including lender fees.
Learn more about how to refinance your mortgage.
15-year mortgage FAQ
-
Mortgage lenders set 15-year interest rates based on a number of factors, including your individual credit profile, income, debt and savings. Generally, the stronger your credit and financials, the lower the rate you’ll get.
Mortgage rates are also influenced by outside forces. This includes:- 10-year Treasury yield: Broadly speaking, if investors feel confident in the state and direction of the U.S. economy, mortgage pricing — guided by the 10-year Treasury yield — tends to increase. On the flip side, if investors are wary, mortgage rates go down.
- Federal Reserve policy: While the Federal Reserve doesn’t set fixed mortgage rates, its decisions about the movement of the federal funds rate have ripple effects on home loans.
- Inflation: Inflation raises prices across the board, including on interest rates.
- Business environment: Lenders ultimately decide how to price their loans. If a lender needs to drum up more business, for example, they might lower their rates to attract more customers.
Keep in mind: Fifteen-year mortgage rates are lower than 30-year rates, in part because you’re repaying your lender sooner with the shorter loan term. This translates to less risk for the lender, and lower overall costs for you.
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There can be more stringent requirements for a 15-year versus a 30-year mortgage. For the former, your lender has to make sure you can afford the larger monthly payments, and usually that means having a higher income and a lower debt-to-income (DTI) ratio. You’ll need to meet the lender’s minimum credit score and down payment requirements, as well. These vary based on loan type.
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With a 15-year mortgage, you pay less interest, so you also have less opportunity to take advantage of the mortgage interest deduction.
There’s a caveat: The mortgage interest deduction no longer is of much use to most homeowners, no matter the length of the loan. The Tax Cuts and Jobs Act, which is in effect from 2018 to 2025, allows most homeowners to deduct all of their mortgage interest payments for the year on home loans up to $750,000, but that deduction won’t do much for you unless you have other deductions to push you above the standard deduction. That’s because the standard deduction rose. For 2022, a married couple filing jointly gets a standard deduction of $25,100. At that level, even a large mortgage with a long term and a relatively higher rate might not generate enough interest to take the tax break.
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Compared to longer-term mortgages, 15-year mortgages come with a lower interest rate. This accounts for the lower level of risk the lender takes on extending a loan over 15 years instead of 20 or 30, among other factors.
Meet our Bankrate experts
Written by: Jeff Ostrowski, Principal Reporter, Mortgages
I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.
Edited by: Suzanne De Vita, Senior Editor, Home Lending
I’ve covered the housing market, mortgages and real estate for the past 12 years. At Bankrate, my areas of focus include first-time homebuyers and mortgage rate trends, and I’m especially interested in the housing needs of baby boomers. In the past, I’ve reported on market indicators like home sales and supply, as well as the real estate brokerage business. My work has been recognized by the National Association of Real Estate Editors.
Read more from Suzanne De Vita
Reviewed by: Greg McBride, CFA, Chief Financial Analyst, Bankrate
Greg McBride is a CFA charterholder with more than a quarter-century of experience in personal finance, including consumer lending prior to coming to Bankrate. Through Bankrate.com's Money Makeover series, he helped consumers plan for retirement, manage debt and develop appropriate investment allocations. He is an accomplished public speaker, has served as a Wall Street Journal Expert Panelist and served on boards in the credit counseling industry for more than a decade and the funding board of the Rose Foundation’s Consumer Financial Education Fund.
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