15-Year Fixed Mortgage Rates: Today's Best Rates
Current 15-year fixed mortgage rates updated daily. Build equity faster, pay less total interest, and own your home outright in half the time of a 30-year loan.
What Is a 15-Year Fixed-Rate Mortgage?
A 15-year fixed-rate mortgage lets you pay off your home in half the time of a traditional 30-year loan. The interest rate is locked for the entire 15-year term, meaning your principal and interest payment never changes. This makes budgeting predictable while dramatically reducing the total interest you pay over the life of the loan.
Today's 15-year fixed rate is 5.69%, compared to 6.33% for a 30-year fixed — a significant savings that compounds over time.
15-Year vs. 30-Year: Side-by-Side
15-Year Fixed
~$3,280/mo payment
~$190K total interest
Paid off in 15 years
30-Year Fixed
~$2,494/mo payment
~$498K total interest
Paid off in 30 years
While the 15-year monthly payment is roughly $786 higher, you save approximately $152,000+ in total interest and own your home free and clear 15 years sooner.
Pros and Cons of a 15-Year Mortgage
Advantages
- Lower interest rate than 30-year loans
- Pay dramatically less total interest
- Build equity twice as fast
- Own your home free and clear sooner
- Forced savings discipline
Considerations
- Higher monthly payment (~30-40% more)
- Less financial flexibility each month
- May qualify for a smaller loan amount
- Opportunity cost vs. investing the difference
- Harder to qualify based on DTI ratio
Who Should Choose a 15-Year Fixed Mortgage?
A 15-year mortgage is ideal if you can comfortably afford the higher monthly payment, want to eliminate debt before retirement, are refinancing and want to shorten your remaining term, or have significant equity and want to pay off your home faster. It's especially popular among borrowers in their 40s and 50s who want to enter retirement mortgage-free.
How to Qualify for the Best 15-Year Rate
Lenders offer the lowest 15-year rates to borrowers with credit scores of 740+, down payments of 20% or more (which also avoids PMI), debt-to-income ratios below 36%, and stable employment history. Shopping 3-5 lenders can save you an additional 0.25-0.50% on your rate.
When Should You Lock Your Rate?
If you're closing within 30-60 days and comfortable with today's 15-year rate of 5.69%, locking removes the risk of increases. Many lenders offer float-down options if rates drop after you lock, giving you the best of both worlds.