Compare 15-year fixed mortgage rates
A 15-year mortgage, popular for refinancing, saves money in the long run because you pay less in total interest than on a 30-year loan. Find and compare current 15-year refinance mortgage rates from lenders in your area.
NerdWallet reviewed lenders:
Based on your ZIP code, credit score, loan amount, and other criteria.
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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.
Mortgage rate trends (APR)
NerdWallet’s mortgage rate insight
On Friday, Jan. 24, 2020, the average rate on a 30-year fixed-rate mortgage fell five basis points to 3.8%, the average rate on the 15-year fixed mortgage dropped two basis points to 3.39% and the average rate on the 5/1 ARM fell two basis points to 4.09%, according to a NerdWallet survey of mortgage rates published daily by national lenders. A basis point is one one-hundredth of one percent. Rates are expressed as annual percentage rate, or APR. The average rate on the 30-year fixed is nine basis points lower than one week ago.
Mortgage rates today (APR)
| Loan type | Average rate | Change 1 day | Change 1 year |
|---|---|---|---|
| 30-year fixed mortgage rate | 3.8% | 0.05% | 0.81% |
| 15-year fixed mortgage rate | 3.39% | 0.02% | 0.72% |
| 5/1 ARM mortgage rate | 4.09% | 0.02% | 0.92% |
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 "Refine results" section, enter a few details about the loan you’re looking for, and you’ll get a personalized rate quote in moments, without providing any personal information. From there, you can start the process to get preapproved for your home loan. It’s that easy.
What is a 15-year fixed-rate mortgage?
A 15-year fixed-rate mortgage maintains the same interest rate and monthly principal-and-interest payment over the 15-year loan period. The 15-year fixed-rate mortgage allows the borrower to pay off the mortgage faster and typically has a low interest rate. Monthly payments are usually higher than with 30-year mortgages, but the total interest paid is less because the loan is paid off faster.
When should you consider a 15-year fixed-rate mortgage?
The 15-year is a popular option for refinancers who can afford the monthly payments. A 15-year mortgage typically has a lower interest rate than on a comparable 30-year loan. You pay off a 15-year loan faster and pay less interest overall.
