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15-Year Fixed Mortgage Rate
The 15-year fixed mortgage rate is a popular option for borrowers who want to pay off a home faster and reduce total interest costs. Track current rates and explore historical trends using the chart below.
5.71%
Historical Rates
15-year mortgage rate: market update
The 15-year mortgage rate is currently 5.71%, making it a key option for borrowers looking to reduce total interest costs over the life of a loan. While monthly payments are higher than a 30-year mortgage, the shorter term allows homeowners to build equity faster and pay significantly less interest.
The 15-year mortgage rate typically runs lower than the 30-year mortgage rate , reflecting the shorter loan term and reduced risk for lenders. However, the tradeoff is a higher monthly payment due to the faster repayment schedule.
Like other mortgage rates, the 15-year rate is influenced by long-term Treasury yields, inflation expectations, and broader credit market conditions. Monitoring its movement alongside other key rates helps provide a clearer picture of overall borrowing costs.
15-year vs 30-year mortgage: key differences
The main difference between 15-year and 30-year mortgages is the balance between monthly payment size and total interest cost. A 15-year mortgage typically offers a lower interest rate, but the shorter repayment period results in higher monthly payments.
In contrast, a 30-year mortgage spreads payments over a longer period, reducing monthly costs but increasing the total interest paid over time. Choosing between the two depends on a borrower’s financial goals, income stability, and long-term plans.
For direct comparison, visit the 30-year mortgage rate page to see how both rates move over time.
15-year mortgage rate today
The 15-year mortgage rate is typically lower than the 30-year rate because the loan is repaid faster, reducing long-term risk for lenders. This makes it an attractive option for borrowers who want to build equity more quickly and pay less interest over time.
To understand how this rate fits into the broader market, compare it with the 30-year mortgage rate , the 10-year Treasury yield , and the mortgage spread .
Compare mortgage options and calculate payments
If you are comparing loan terms, visit the 30-year mortgage rate page or return to the mortgage rates today homepage to see all key rates in one place.
To estimate monthly payments or affordability, use the tools below.
About 15-Year Mortgage Rates
15-year mortgage rates are typically lower than 30-year rates because lenders take on less long-term risk. These loans often come with higher monthly payments, but they can substantially reduce total interest paid over the life of the loan.
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