What factors are considered in 15-year mortgage rates?

Mortgage lenders set 15-year interest rates based on a number of factors, including your individual credit profile, income, debt and savings — the same factors that impact rates for any type of mortgage. Generally, the stronger your credit and financials, the lower the rate you’ll get. Mortgage rates are also influenced by outside forces, including Federal Reserve decisions and inflation.

What are the requirements for a 15-year mortgage?

There can be more strict requirements for a 15-year mortgage versus a 30-year one. For the former, your lender has to make sure you can afford the larger monthly payments, and usually that means having a higher income and a lower DTI ratio. You’ll need to meet the lender’s minimum credit score and down payment requirements as well. These vary based on loan type.

Does a 15-year mortgage have a lower interest rate?

Yes — compared to longer-term mortgages, 15-year mortgages usually come with a lower interest rate. This accounts for the lower level of risk the lender takes on extending a loan over 15 years instead of 20 or 30, among other factors.

Is it better to get a 15-year mortgage or pay extra on a 30-year loan?

For most borrowers, a 30-year mortgage with extra principal payments is the safer version of the same strategy. You capture most of the interest savings, and the extra payment is voluntary — if your income drops, you go back to the lower required payment that month. A 15-year loan gets you a lower interest rate and a lower total interest cost, but the higher payment is mandatory for the full 15 years. Take the 15-year loan if the payment is comfortable and your emergency fund is intact. Take the 30-year mortgage and overpay if either of those is in question.

What factors are considered in 15-year mortgage rates?

Mortgage lenders set 15-year interest rates based on several factors, including your credit profile, income, debt and savings — the same factors that affect rates for any type of mortgage. Generally, the stronger your credit and financials, the lower the rate you’ll get. Mortgage rates are also influenced by outside forces, including Federal Reserve decisions and inflation.

What are the requirements for a 15-year mortgage?

Lenders may have stricter requirements for a 15-year mortgage than for a 30-year one. For the shorter term, your lender needs to make sure you can afford the larger monthly payments, which usually means a higher income and a lower DTI ratio. You’ll also need to meet the lender’s minimum credit score and down payment requirements. These vary based on loan type.

Does a 15-year mortgage have a lower interest rate?

Yes — compared with longer-term mortgages, 15-year mortgages usually have a lower interest rate. This reflects the lower risk the lender takes by extending a loan over 15 years rather than 20 or 30, among other factors.

Compare Current 15-Year Mortgage Rates

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15-year mortgage rates today

Showing results for: Single-family home, 15 year fixed mortgages with all points options.

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Sage Home Loans 15 Year Fixed

NMLS #3304 | State Lic: RM.850026.000

RateRate as of 10/31/26: 5.498%
APRAPR: 5.844%Points: 1.789
Monthly paymentMonthly payment: $2,876Upfront costs: $7,7918 year cost: $131,999
Points: 1.789
Upfront costs: $7,791
8-year cost: $131,999
Lender rating

Tomo Mortgage 15 Year Fixed

NMLS #2059741 | State Lic: RM.804811.000

RateRate as of 10/31/26: 5.625%
APRAPR: 5.995%Points: 1.743
Monthly paymentMonthly payment: $2,907Upfront costs: $7,8358 year cost: $134,766
Points: 1.743
Upfront costs: $7,835
8-year cost: $134,766
Lender rating

Optimum First Mortgage 15 Year Fixed

NMLS #240415 | State Lic: RM.804405.000

RateRate as of 10/31/26: 5.624%
APRAPR: 6.015%Points: 1.915
Monthly paymentMonthly payment: $2,899Upfront costs: $8,7368 year cost: $136,013
Points: 1.915
Upfront costs: $8,736
8-year cost: $136,013
Lender rating

Mutual of Omaha Mortgage 15 Year Fixed

NMLS #1025894

RateRate as of 10/31/26: 5.750%
APRAPR: 6.126%Points: 1.746
Monthly paymentMonthly payment: $2,923Upfront costs: $8,3848 year cost: $138,738
Points: 1.746
Upfront costs: $8,384
8-year cost: $138,738
Lender rating

Alliant Credit Union 15 Year Fixed

NMLS #197185

RateRate as of 10/31/26: 5.875%
APRAPR: 6.190%Points: 1.726
Monthly paymentMonthly payment: $2,947Upfront costs: $7,0268 year cost: $140,442
Points: 1.726
Upfront costs: $7,026
8-year cost: $140,442
Lender rating

Third Federal Savings and Loan 15 Year Fixed

NMLS #449401

RateRate as of 10/31/26: 5.990%
APRAPR: 6.371%Points: 2
Monthly paymentMonthly payment: $2,968Upfront costs: $8,4358 year cost: $144,677
Points: 2
Upfront costs: $8,435
8-year cost: $144,677
Lender rating

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About our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our “Advertisers”). Other lenders' terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a “Next” button that can be used to click-through to the Advertiser's own website or a phone number for the Advertiser.

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Table of contents

Current 15-year mortgage rate trends
How to get the lowest 15-year mortgage rate
Should you get a 15-year mortgage?
Refinancing into a 15-year mortgage
15-year mortgage FAQs
Additional resources

Written by

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13 min read

Current 15-year mortgage rate trends

Rates on 15-year loans have risen this year, not fallen as expected, and they’re meaningfully higher than a year ago. Pricing climbed through early fall 2026, peaking in the weeks after the first Fed rate hike since mid-2023. 15-year loans still price below 30-year rates, as they almost always do — but the whole range has shifted upward.

Forecasts published in January called for improvement that hasn't arrived, and housing economists have walked back expectations of a return to the lows of earlier this decade. The near-term outlook is mostly steady, so don’t bank on a significant drop in rates any time soon. The only 15-year rate you can count on is the one you’re quoted today. And in a high-rate environment, shopping around and comparing lenders matters more than ever.

Current 15-year mortgage rates compared to other loan types

One major advantage of a 15-year mortgage is its lower interest rate. Compared to a 30-year loan, a 15-year mortgage can carry an interest rate that’s about three-quarters of a percentage point lower. In fact, 15-year loans are some of the cheapest you’ll find. That’s the upside. The downside? The shorter repayment schedule means your monthly payment will be higher, because you're repaying the same amount over less time.

Even if you’re borrowing the same amount, you might qualify more easily for a longer-term loan because its monthly payments are smaller and more manageable.

	15-year fixed-rate mortgage	30-year fixed-rate mortgage
Loan amount	$400,000	$400,000
Interest rate	6.75%	7.25%
Monthly mortgage payment (principal and interest)	$3,540	$2,729
Interest total over life of loan	$237,135	$582,334
Total cost of loan	$637,135	$982,334

Note: These are sample rates chosen to illustrate how the two terms compare, not current averages and not an offer of credit. For today's rates, see the table above. Figures are principal and interest only — they don't include homeowners insurance, property taxes, mortgage insurance or HOA dues, so they aren't the full cost of owning the home.

If you can handle the higher monthly payment, you might find a 15-year mortgage a more attractive option than a longer-term loan.

A 15-year loan might also be a good option if you're hoping to retire mortgage-free. Locking in the shorter duration of a 15-year mortgage now, especially if you’re in your 40s or 50s, potentially allows you to pay it off by the time you plan to stop working.

Learn more: Compare current mortgage rates for today

National mortgage rates by loan type

As you consider options for financing a home purchase or refinancing your existing mortgage, use the APRs in the table below as a guide. The lower your APR, the lower the overall cost of the loan. In addition to considering the cost, consider your long-term financial and housing goals.

Product	Interest Rate	APR
30-Year Fixed Rate	7.28%	7.34%
15-Year Fixed Rate	6.72%	6.82%
30-Year Fixed Rate FHA	7.14%	7.18%
30-Year Fixed Rate VA	7.04%	7.09%
30-Year Fixed Rate Jumbo	7.40%	7.44%
3/1 ARM Rate	6.22%	7.03%
7/1 ARM Rate	6.42%	6.84%

Rates as of Saturday, October 31, 2026 at 6:30 AM

Product	Interest Rate	APR
30-Year Fixed Rate	7.40%	7.47%
15-Year Fixed Rate	6.78%	6.89%
30-Year Fixed Rate FHA	7.41%	7.45%
30-Year Fixed Rate VA	7.49%	7.52%
30-Year Fixed Rate Jumbo	7.37%	7.41%
3/1 ARM Rate	6.44%	7.12%
7/1 ARM Rate	6.44%	6.81%

Rates as of Saturday, October 31, 2026 at 6:30 AM

Bankrate’s mortgage rates include national rate and APR averages; Bankrate Monitor (BRM) National Index rate averages; and “top offers”:
- National rate and APR averages: Displayed as daily and weekly averages, these rates and APRs are primarily collected from the 5 largest banks and thrifts across hundreds of markets in the U.S.
- Bankrate Monitor (BRM) National Index rate averages: Reported weekly, this long-standing survey collects rates from banks and thrifts across hundreds of markets in the U.S.
- “Top offers”: Displayed daily and weekly, these are an average of the rates listed first on our rate tables as advertised by our partners. The averages shown are based on the loan type and term selected.
You can compare national average mortgage rates to top offers to see how much you could save when shopping on Bankrate.

Learn more about how we collect, display and report mortgage rates.

How to get the lowest 15-year mortgage rate

Get quotes from at least three lenders.

In 2025, 90% of home buyers paid more than the most competitive rate available for their credit profile, according to Bankrate’s Hidden Homeownership Tax research. The average overpayment was $3,656 a year.

Your rate is quoted to you individually, so the number you're handed means nothing on its own — you can't tell a good quote from a bad one without another quote beside it. And the default path gives you only one quote, probably from the lender your agent recommends.

So get rate quotes from at least three mortgage lenders, ideally on the same day — pricing moves daily. Comparing multiple lenders doesn’t ding your credit any more than getting a quote from one: major credit scoring models treat multiple mortgage inquiries within a 45-day window as a single inquiry, so shopping around isn't penalized.

Lenders determine your interest rate based on your credit score, debt-to-income (DTI) ratio and other factors, including the size of your down payment. Generally, borrowers with a credit score of 740 or higher, a substantial down payment — 20% is ideal, but not required — and a DTI ratio of no more than 43% score the most attractive offers.
Compare the interest rate and APR.

The interest rate and annual percentage rate (APR) reflect the total cost of the loan. The interest rate is the cost of borrowing, while the APR includes the interest rate plus other costs, such as the origination fee and any points. When comparing rate offers, the APR is a more complete picture of the loan's all-in cost.

One thing to keep in mind: Discount points buy your rate down and pull the APR down with them, so an offer can look cheapest on paper while costing 1% of the loan amount per point at closing — cash you only recover if you hold the loan long enough.
Consider the lender’s ratings and record for customer service.

A rate quote is a price, not a promise. Ask each lender how long the quote is valid and what it costs to extend the lock if your closing is delayed. Look at how quickly they answer you now, because that's the service you can expect if there's a problem two weeks from closing. You can also check a lender's complaint history in the CFPB's consumer complaint database.

If you'd rather have someone shop for you, a mortgage broker works with multiple lenders. Ask up front how the broker is paid — by you or by the lender — because that answer shapes which offers you're shown.

Learn more: How to get the best mortgage rate

Should you get a 15-year mortgage?

There’s no right or wrong answer. It’s important to consider these two key questions:

Can you afford the higher monthly mortgage payments?

For many borrowers, fitting a 30-year mortgage payment into their monthly budget is already a stretch. If that’s the case for you, it might be better to stick with the longer mortgage term, even if you don’t plan to stay in the home the full 30 years.
How comfortable are you with debt?

If you prefer paying down the mortgage more quickly, then check out 15-year term options. But if you’re comfortable with the concept of debt as a financial tool, it might make more sense to go with a 30-year loan.

You’ll also want to consider both the benefits and drawbacks of a 15-year mortgage so you can see how one might fit your financial goals:

Pros

Build equity faster: You’ll pay down your balance much faster with a 15-year loan than with a 30-year option. That may make it easier to borrow against your home or take on other loans in the future.
Pay less interest: 15-year loan rates are typically lower than 30-year rates. What’s more, you’ll pay less interest over the life of the loan because it's shorter.
More of every payment goes to the loan principal: With a 30-year mortgage, only a fraction of your early payments go toward repaying the loan principal. A 15-year loan speeds up that process.

Cons

Higher monthly payments: A shorter loan will have higher payments than a longer loan for the same amount. If you’re struggling to qualify, a 15-year mortgage will only increase the challenge.
Opportunity cost: A mortgage is typically relatively “cheap” debt, even at today's rates. If you spend more money on your mortgage, you'll have less money to save — or to invest, which may earn you a better return.
Potential loss of tax breaks: Paying less in mortgage interest may mean losing the tax breaks sometimes associated with it. Many Americans no longer benefit from the mortgage interest deduction, but if you do, consider the tax implications.

Ask the Experts

Is a 15-year mortgage right for me?

Jeff Ostrowski

Writer and Housing Market Analyst

I can answer that question only by asking one of my own: How do you feel about debt? If you view it as a burden and you’re counting down the years to your mortgage-burning party, then absolutely opt for the 15-year loan over a 30-year mortgage. You might even consider a 10-year loan. With either, you’ll get a lower rate and you’ll pay far less in interest over the life of the mortgage. On the other hand, if you view mortgage debt as a tool, and part of your overall portfolio, then maybe the 30-year loan makes more sense. The rationale goes like this: You can use the long-term loan to leverage your home for investments. By extending your payoff date and lowering your monthly payment, you’ll have more cash to direct to retirement accounts and other investments. Either answer can be right — but the first step is to identify which debt camp you fall in.

Phil Crescenzo Jr.

Vice President, Southeast Division, Nation One Mortgage Corporation

I strongly recommend a 15-year fixed mortgage if the payment is affordable, as the amount of equity gained per payment is very substantial. Even with higher rates, the mortgage is much shorter, with much less interest, and it’s a great way to tackle equity with every payment made.

Refinancing into a 15-year mortgage

If you bought between 2022 and 2025, your rate may be above today's 15-year average. For you, refinancing into a 15-year mortgage could mean both a lower rate and a shorter term.

Shop it hard either way. Of people who refinanced, 79% paid more than the most competitive rate available to them, averaging $2,462 a year, according to Bankrate’s Hidden Homeownership Tax research.

Refinancing into a 15-year loan usually raises the payment even when the rate falls. How much depends on how far you've paid down the balance — if you're only a few years into a 30-year loan, the increase can be modest. Bankrate’s 15-year vs. 30-year calculator can help you decide.

Whichever type of refinance you pursue, shop around for rates and compare offers, including lender fees.

Learn more: How to refinance your mortgage

Frequently asked questions

For most borrowers, a 30-year mortgage with extra principal payments is the safer version of the same strategy. You capture most of the interest savings, and the extra payment is voluntary — if your income drops, you go back to the lower required payment that month. A 15-year loan gets you a lower interest rate and a lower total interest cost, but the higher payment is mandatory for the full 15 years. Take the 15-year loan if the payment is comfortable and your emergency fund is intact. Take the 30-year mortgage and overpay if either of those is in question.
Mortgage lenders set 15-year interest rates based on several factors, including your credit profile, income, debt and savings — the same factors that affect rates for any type of mortgage. Generally, the stronger your credit and financials, the lower the rate you’ll get. Mortgage rates are also influenced by outside forces, including Federal Reserve decisions and inflation.
Lenders may have stricter requirements for a 15-year mortgage than for a 30-year one. For the shorter term, your lender needs to make sure you can afford the larger monthly payments, which usually means a higher income and a lower DTI ratio. You’ll also need to meet the lender’s minimum credit score and down payment requirements. These vary based on loan type.
Yes — compared with longer-term mortgages, 15-year mortgages usually have a lower interest rate. This reflects the lower risk the lender takes by extending a loan over 15 years rather than 20 or 30, among other factors.

Additional resources for getting a 15-year mortgage

Bankrate's mortgage calculator

Use our free mortgage calculator to estimate your monthly mortgage payments.

How to get a mortgage

Curious about how to get a mortgage? Follow these 10 steps to get a home loan and make homeownership possible.

Choosing a mortgage lender

Scoring the best loan means choosing the best mortgage lender. Follow these steps to find a lender that works best for you.

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Here are the best mortgage lenders based on affordability, availability and borrower experience.

Meet our Bankrate experts

Written by

Andrew Dehan Andrew Dehan

Former Senior Writer, Home Lending

Compare current 15-year mortgage rates

National average mortgage rates over time

Today's national 15-year mortgage rate trends

15-year mortgage rates today

How Bankrate works

How Bankrate works

Compare home equity offers

Get rates based on your information

Review your options

Current 15-year mortgage rate trends

Current 15-year mortgage rates compared to other loan types

National mortgage rates by loan type

How Bankrate collects mortgage rates

How to get the lowest 15-year mortgage rate

Get quotes from at least three lenders.

Compare the interest rate and APR.

Consider the lender’s ratings and record for customer service.

Should you get a 15-year mortgage?

Can you afford the higher monthly mortgage payments?

How comfortable are you with debt?

Pros

Cons

Is a 15-year mortgage right for me?

Refinancing into a 15-year mortgage

Frequently asked questions

Is it better to get a 15-year mortgage or pay extra on a 30-year loan?

What factors are considered in 15-year mortgage rates?

What are the requirements for a 15-year mortgage?

Does a 15-year mortgage have a lower interest rate?

Additional resources for getting a 15-year mortgage

Meet our Bankrate experts

Mortgage rates in other states