15 Year Fixed Mortgage Rates - NerdWallet

15 Year Fixed Mortgage Rates

Find and compare the best 15-year fixed mortgage rates for you in your area.

Mortgage rate trends

  • 30 year fixed
  • 15 year fixed
  • 5/1 ARM
NerdWallet's mortgage rate insight
4.3%
30 year fixed
Thirty- and 15-year fixed mortgage rates saw no change from last Friday, while 5/1 ARM rates dropped slightly, according to a NerdWallet survey of mortgage rates published by national lenders on Thursday.
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Current mortgage rates

Loan typeAverage
rate
Change
1 day
Change
1 year
30 year fixed4.3%
0.0%
0.49%
15 year fixed3.7%
0.0%
0.6%
5/1 ARM3.82%
0.02%
0.91%
Data source: NerdWallet Mortgage Rate Index

15-Year Fixed Mortgage Rates

NerdWallet’s mortgage rate tool can help you find competitive, 15-year fixed mortgage rates customized for your needs. Just enter some information about the type of loan you’re looking for and you’ll get a personalized rate quote in minutes, without providing any personal information. From there, you can start the process to get preapproved for your home loan and be on your way to making offers. It’s that easy.

What is a 15-year fixed-rate mortgage?

A 15-year fixed-rate mortgage keeps the same interest rate and monthly payment over the life of the loan and allows you to pay off your home faster than with a typical 30-year fixed-rate mortgage. The interest rate on a 15-year fixed loan will be lower than a 30-year but the monthly payment will be higher because the term of the loan is half as long. If you can afford the higher monthly payments, you’ll save thousands of dollars in interest.

When should you consider a 15-year fixed-rate mortgage?

For most buyers, the main draw of a 15-year fixed-rate loan is the low interest rates and paying off your mortgage faster. It also offers stability and peace of mind because your monthly payment won’t change no matter what happens to inflation or market interest rates. However, remember that your monthly payments will be much higher and the loan may be harder to qualify for.

Learn more about fixed-rate loans: