7.255% APR

Compare today's 15-year fixed mortgage rates

Some or all of the mortgage lenders featured on our site are advertising partners of NerdWallet, but this does not influence our evaluations, lender star ratings or the order in which lenders are listed on the page. Our opinions are our own. Here is a list of our partners.

About These Rates: The lenders whose rates appear on this table are NerdWallet’s advertising partners. NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a lender’s site. The terms advertised here are not offers and do not bind any lender. The rates shown here are retrieved via the Mortech rate engine and are subject to change. These rates do not include taxes, fees, and insurance. Your actual rate and loan terms will be determined by the partner’s assessment of your creditworthiness and other factors. Any potential savings figures are estimates based on the information provided by you and our advertising partners.


Trends and insights

Mortgage rate trends (APR)

NerdWallet’s mortgage rate insight

6.487%
15-year fixed-rate

On Wednesday, April 17th, 2024, the average APR on a 30-year fixed-rate mortgage fell 5 basis points to 7.255%. The average APR on a 15-year fixed-rate mortgage rose 3 basis points to 6.487% and the average APR for a 5-year adjustable-rate mortgage (ARM) fell 11 basis points to 7.752%, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 9 basis points higher than one week ago and 68 basis points higher than one year ago.

A basis point is one one-hundredth of one percent. Rates are expressed as annual percentage rate, or APR.

Current mortgage and refinance rates

ProductInterest rateAPR
30-year fixed-rate7.173%7.255%
20-year fixed-rate7.143%7.251%
15-year fixed-rate6.349%6.487%
10-year fixed-rate6.281%6.518%
7-year ARM6.902%7.698%
5-year ARM6.734%7.752%
3-year ARM8.125%8.355%
30-year fixed-rate FHA6.050%6.875%
30-year fixed-rate VA6.324%6.715%

Data source: ©Zillow, Inc. 2006 – 2021. Use is subject to the Terms of Use

Best Mortgage Lenders

A BEGINNER’S GUIDE TO 15-YEAR MORTGAGES
Holden Lewis
By
Last updated on April 16, 2024
Reviewed by
Edited by
✅ Fact checked
Michelle Blackford
Reviewed by
Alice Holbrook
Edited by
✅ Fact checked

What is a 15-year fixed-rate mortgage?

A 15-year fixed-rate mortgage is a home loan that keeps the same interest rate and monthly principal-and-interest payment over the 15-year loan period. 15-year mortgages can be used to buy a home or to 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 borrowers repay the money in half the time. However, because borrowers pay off 15-year mortgages faster, they’ll pay less interest over the life of the loan.

The 15-year mortgage is a popular option among homeowners who refinance out of their 30-year purchase mortgages.

How to find current 15-year mortgage 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 personal information.

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.

15-year mortgage rates vary by lender

Each lender offers its own combination of interest rate and fees, so you can save money by comparison shopping and applying with multiple lenders.

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.

Is it worth refinancing to a 15-year mortgage?

You 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 with a 15-year mortgage. But the monthly mortgage payment will be higher, potentially squeezing your household budget.

In short, a 15-year mortgage makes you pay more every month, but it can save you money in the long run. It's a trade-off that requires you to make a judgment call.

15-year fixed mortgage: Pros and cons

Pros

  • Average interest rates are lower for 15-year mortgages than for home loans with longer terms.

  • You save money with a 15-year mortgage because you pay interest for fewer years.

  • You build equity faster with a 15-year mortgage.

Cons

  • Monthly payments for a 15-year mortgage are higher than for a mortgage with a longer term.

  • The higher monthly payments on a 15-year mortgage will mean you’ll qualify for a less-expensive home than if you stretched out the loan to 20 or 30 years.

  • Because of the higher monthly payment, you’ll have less money available for other investments, such as retirement accounts.

Learn more about fixed-rate loans:


About the author: Holden is NerdWallet's authority on mortgages and real estate. He has reported on mortgages since 2001, winning multiple awards.

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