Compare today's 15-year fixed refinance rates
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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.
Trends and insights
NerdWallet’s mortgage rate insight
On Wednesday, December 7th, 2022, the average APR on a 30-year fixed-rate mortgage fell 12 basis points to 6.212%. The average APR on a 15-year fixed-rate mortgage fell 6 basis points to 5.536% and the average APR for a 5-year adjustable-rate mortgage (ARM) fell 5 basis points to 6.405%, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 26 basis points lower than one week ago and 318 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
|30-year fixed-rate FHA||5.536%||6.335%|
|30-year fixed-rate VA||5.646%||6.053%|
How do I shop for 15-year refinance rates today?
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'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. It's that easy.
What is a good 15-year refinance rate?
Many factors influence the refinance rate you’re offered, including the economy, your financial details and the lender. The best way to find out if you’re being quoted a good 15-year refinance rate is to compare multiple lenders. When you make lenders compete, you can compare loan offers and determine which has the best combination of rate and fees.
What is a 15-year fixed-rate refinance?
A 15-year fixed-rate mortgage maintains the same interest rate and monthly payment (excluding changes in taxes and fees) over the 15-year loan period. While the loan provides a fixed principal and interest payment, you're not stretching out the payments for as long as the traditional 30-year mortgage — and that saves a great deal of interest.
Are 15-year mortgage refinance rates lower than 30-year mortgage rates?
Rates are generally lower for 15-year fixed-rate mortgages than for 30-year mortgages. With the shorter loan term, lenders are exposed to less risk, so they can afford to charge lower rates.
Will 15-year refinance rates drop?
Average 15-year mortgage rates fluctuate daily and are influenced by the economy, the inflation rate and the health of the job market. Unpredictable events can affect all of those factors. See NerdWallet's mortgage interest rates forecast to get our take.
Is it worth refinancing to a 15-year mortgage?
That depends on your financial situation and goals. It’s worth checking out 15-year refinance rates if you think you’ll be able to afford the monthly mortgage payment, which will be higher than that of a 30-year loan.
Refinancing to a 15-year instead of a 30-year mortgage can help you save money and pay off the loan faster. Like any fixed-rate loan, a 15-year fixed-rate mortgage offers stability; the monthly principal and interest payment won’t change no matter what happens to inflation or market interest rates — although taxes and insurance costs may.
» MORE: Estimate what you could save with our refinance calculator
What are the pros and cons of a 15-year fixed mortgage refinance?
Mortgage refinance rates are lower on average for 15-year mortgages than for home loans with longer terms.
Besides getting lower rates, you save money when refinancing to a 15-year mortgage because you pay interest for fewer years than when refinancing to a 20- or 30-year loan.
Monthly payments will be higher when refinancing into a 15-year mortgage than when refinancing to a mortgage with a longer term.
Less money is available each month for other priorities, such as retirement saving, because of the higher monthly payment for a 15-year mortgage.
How are mortgage rates set?
At a high level, mortgage rates are determined by economic forces that influence the bond market. You can't do anything about that, but it's worth knowing: bad economic or global political worries can move mortgage rates lower. Good news can push rates higher.
What you can control are your mortgage payment history and your credit score. Lenders fine-tune their base interest rate on the risk they perceive to be taking with an individual loan. So their base mortgage rate is adjusted higher or lower for each loan they offer. Higher mortgage rates for higher risk; lower rates for less perceived risk.
So the stronger your on-time payment history and the higher your credit score, generally the lower your mortgage rate.
» MORE: Get your credit score for free
What’s the difference between interest rate and APR?
The interest rate is the percentage that the lender charges for borrowing the money. The APR, or annual percentage rate, is supposed to reflect a more accurate cost of borrowing. The APR calculation includes fees and discount points, along with the interest rate.
APR is a tool used to compare loan offers, even if they have different interest rates, fees and discount points.
A major component of APR is mortgage insurance — a policy that protects the lender from losing money if you default on the mortgage. You, the borrower, pay for it.
Lenders usually require mortgage insurance on refinances with less than 20% equity.
Learn more about 15-year 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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