Guide
Why buyers choose 15 years
Borrowers often choose 15 years when they can afford the higher payment and want to reduce lifetime interest costs.
Updated July 02, 2026
15-Year Fixed Mortgage Rates
A 15-year fixed mortgage can reduce total interest and build equity faster, but the monthly payment is higher than a 30-year term.
Data source: Freddie Mac PMMS. Rates are planning benchmarks, not guaranteed lender offers.
Featured benchmark
5.79%APR 5.94%
Shorter term with lower lifetime interest
Current rate table
Compare the weekly fixed-rate benchmark with a refinance planning estimate before requesting personalized quotes.
30-Year Fixed
Weekly PMMS benchmark for conforming purchase loans
Rate
6.43%
APR
6.58%
15-Year Fixed
Shorter term with lower lifetime interest
Rate
5.79%
APR
5.94%
Refinance Planning
Planning estimate based on the 30-year benchmark plus lender spread
Rate
6.58%
APR
6.73%
Calculator
15-year fixed payment estimate
Estimate the payment impact of choosing a shorter fixed-rate mortgage term.
Estimated monthly principal and interest
$2,997
Loan principal$360,000
Total interest$179,495
Total paid$539,495
Guide
Payment tradeoff
The rate is often lower than a 30-year fixed loan, but the shorter amortization schedule increases the required monthly payment.
Frequently asked questions
Is the 15-year fixed rate lower than the 30-year rate?
It is commonly lower, but the monthly payment can still be higher because the loan is repaid over half the time.
Can I refinance from 30 years to 15 years?
Yes, if you qualify and the new payment fits your budget. Compare closing costs and break-even timing first.
Related mortgage tools
Mortgage Rates Today
See current mortgage rates today, compare 30-year and 15-year fixed benchmarks, and estimate monthly payments.
30-Year Fixed Mortgage Rates
Track 30-year fixed mortgage rates, estimate a monthly payment, and compare lender quotes.
Refinance Rates Today
Compare refinance rate benchmarks and estimate whether refinancing could lower your monthly payment.
Refinance Calculator
Estimate refinance savings, break-even timing, and payment changes using current mortgage rate assumptions.
Mortgage Calculator
Calculate principal and interest payments for common U.S. mortgage rates and loan terms.