Compare Current 15-Year Mortgage Rates | Bankrate (2024)

Compare Current 15-Year Mortgage Rates | Bankrate (1)Written by

Jeff Ostrowski

Jeff Ostrowski

Compare Current 15-Year Mortgage Rates | Bankrate (2)Edited by

Suzanne De Vita

Suzanne De Vita

Compare Current 15-Year Mortgage Rates | Bankrate (3)Reviewed by

Greg McBride, CFA

Greg McBride, CFA

Compare Current 15-Year Mortgage Rates | Bankrate (4)Edited by

Suzanne De Vita

Suzanne De Vita

Compare Current 15-Year Mortgage Rates | Bankrate (5)Reviewed by

Greg McBride, CFA

Greg McBride, CFA

Apr. 24, 2024

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Top offers on Bankrate vs. the national average interest rate

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Top offers on Bankrate:5.77%

National average:6.70%

For the week of April 19th, top offers on Bankrate are X% lower than the national average.On a $340,000 30-year loan, this translates to $XXX in annual savings.

Today's national 15-year mortgage rate trends

For today, Wednesday, April 24, 2024, the national average 15-year fixed mortgage interest rate is 6.72%, up compared to last week's rate of 6.67%. The national average 15-year fixed refinance interest rate is 6.75%, up compared to last week's rate of 6.71%.

The average rate on a 15-year mortgage is lower than the rate on the more popular 30-year loan, which currently hovers at 7 percent. Across the board, mortgage rates have stabilized in recent weeks, in contrast to earlier forecasts that called for rates to steadily decline. While that’s still the projected outcome, the decrease likely won’t be as sharp as first anticipated.

However mortgage rates move, if you need a loan now for a home purchase or refinance, take the time to compare offers from at least three different mortgage lenders. You might find considerable differences in rate, or varying fees (often reflected in the APR) and customer service experiences.

Here's how it works:

Enter your details

Answer some questions about your homebuying or refinancing needs to help us find the right lenders for you.

Compare top rates

See competitive mortgage rates from lenders that match your criteria and compare your offers side-by-side.

Choose a lender

After selecting your top options, connect with lenders online or on the phone. Then choose a lender, finalize your details, and lock in your rate.

Enter your details

Answer some questions about your homebuying or refinancing needs to help us find the right lenders for you.

Compare top rates

See competitive mortgage rates from lenders that match your criteria and compare your offers side-by-side.

Choose a lender

After selecting your top options, connect with lenders online or on the phone. Then choose a lender, finalize your details, and lock in your rate.

Compare Current 15-Year Mortgage Rates | Bankrate (6)Written by

Jeff Ostrowski

Jeff Ostrowski

Compare Current 15-Year Mortgage Rates | Bankrate (7)Edited by

Suzanne De Vita

Suzanne De Vita

Compare Current 15-Year Mortgage Rates | Bankrate (8)Reviewed by

Greg McBride, CFA

Greg McBride, CFA

On Wednesday, April 24, 2024, the national average 15-year fixed mortgage APR is 6.79%. The average 15-year fixed refinance APR is 6.83%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

On Wednesday, April 24, 2024, the national average 15-year fixed mortgage APR is 6.79%. The average 15-year fixed refinance APR is 6.83%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money.

  • Weekly national mortgage interest rate trends
  • How do 15-year mortgage rates compare to other loan types?
  • Should you get a 15-year mortgage?
  • How to compare current 15-year mortgage rates
  • Compare mortgage lenders side by side
  • Refinancing into a 15-year mortgage
  • 15-year mortgage FAQ

Weekly national mortgage interest rate trends

Current mortgage rates

15 year fixed6.70%
30 year fixed7.23%
10 year fixed6.54%
5/1 ARM6.68%

Today's national 15-year mortgage rate trends

For today, Wednesday, April 24, 2024, the national average 15-year fixed mortgage interest rate is 6.72%, up compared to last week's of 6.67%. The national average 15-year fixed refinance interest rate is 6.75%, up compared to last week's of 6.71%.

Whether you're buying or refinancing, Bankrate often has offers well below the national average to help you finance your home for less. Compare rates here, then click "Next" to get started in finding your personalized quotes.

We've determined the national averages for mortgage and refinance rates from our most recent survey of the nation's largest refinance lenders. Our own mortgage and refinance rates are calculated at the close of the business day, and include annual percentage rates and/or annual percentage yields. The rate averages tend to be volatile, and are intended to help consumers identify day-to-day movement.

Current 15-year mortgage rate trends

So far in 2024, the average rate for a 15-year fixed-rate mortgage has stayed in the 6 percent range, hitting a low of 6.13 percent in January, according to Bankrate data. The rate tracked up to 6.5 percent in February, but has since retreated under that mark.

Current 15-year mortgage rates compared to other loan types

Bankrate insight

A 15-year mortgage is a home loan that’s amortized over 15 years, or 180 months. Compared to a 30-year mortgage, a 15-year loan requires higher monthly payments but less interest over the life of the loan.

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 money you’ll find. That’s the upside. The downside? The shorter repayment schedule means your monthly payment will be higher.

Even if the total amount you’re interested in borrowing would be the same for a 15- or 30-year mortgage, you might have an easier time qualifying for the longer-term loan because its monthly payments are smaller and more manageable.

15-year fixed-rate mortgage30-year fixed-rate mortgage
Loan principal$325,000$325,000
Interest rate6.38%6.95%
Monthly payment$2,810$2,151
Total interest$180,747$449,479
Total payments$505,747$774,479

*Notes: Interest rates as of April 6, 2024; monthly payments do not include insurance or taxes.

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 want 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

How to compare current 15-year mortgage rates

For the best chance of getting the lowest possible mortgage rate, compare loan offers from more than one lender. You might even consider working with a mortgage broker. Here’s how:

  1. Get preapproved: Get rate quotes from at least three mortgage lenders, ideally on the same day so you have an accurate basis for comparison. 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 and up, a substantial down payment (20 percent is ideal, but not required) and a DTI ratio of no more than 43 percent score the most attractive offers.
  2. Compare the interest rate and APR: The interest rate and annual percentage rate (APR) reflect the cost of the loan. The interest rate is the cost to borrow the funds, while the APR includes the interest rate and other costs such as the origination fee and any points. When comparing rate offers, the APR is a more complete picture of the all-in cost.
  3. Consider the lender’s ratings and your experience: Aside from the numbers, evaluate other factors such as convenience and the lender’s responsiveness. Take a look at what other borrowers have had to say about the lender, too.

Learn more:How to get the best mortgage rate

National mortgage rates by loan type

ProductInterest RateAPR
15-Year Fixed Rate6.72%6.79%
30-Year Fixed Rate7.29%7.34%
5-1 ARM6.69%8.06%
30-Year Fixed Rate FHA7.07%7.12%
30-Year Fixed Rate VA7.33%7.37%
30-Year Fixed Rate Jumbo7.35%7.40%

Rates as of Wednesday, April 24, 2024 at 6:30 AM

ProductInterest RateAPR
15-Year Fixed Rate6.75%6.83%
30-Year Fixed Rate7.31%7.35%
5-1 ARM6.55%7.90%
30-Year Fixed Rate FHA7.15%7.19%
30-Year Fixed Rate VA7.70%7.73%
30-Year Fixed Rate Jumbo7.39%7.45%

Rates as of Wednesday, April 24, 2024 at 6:30 AM

Should you get a 15-year mortgage?

There’s no right or wrong answer, so consider:

  1. Can you afford the higher monthly mortgage payments? Many borrowers stretch as it is to fit a 30-year mortgage payment into their monthly budget. 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.
  2. How do you feel about debt? 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. If you prefer paying down the mortgage more quickly, then check out 15-year term options.

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 of a 15-year mortgage

  • You’ll build equity faster. Compared to a 30-year loan, you’ll pay down your balance much more quickly.
  • You’ll pay less interest. Rates on 15-year loans are typically lower than rates on 30-year loans. What’s more, you’ll pay less interest over the life of the loan.
  • A larger chunk of monthly payments go toward the loan principal rather than interest. With a 30-year mortgage, only a fraction of early payments go to repaying principal. A 15-year loan speeds up that process.

Cons of a 15-year mortgage

  • You’ll have higher monthly payments compared to longer-term loans. If you’re struggling to qualify, a 15-year mortgage will only increase the challenge.
  • There’s an opportunity cost. Maybe it makes more sense to borrow more against your house and to invest the proceeds for retirement or other financial goals.
  • There’s a potential loss of mortgage interest tax breaks due to paying less interest. Many Americans no longer benefit from the mortgage interest deduction, but if you do, consider the tax implications.

Lender compare

Compare mortgage lenders side by side

Mortgage rates and fees can vary widely across lenders. To help you find the right one for your needs, use this tool to compare lenders based on a variety of factors. Bankrate has reviewed and partners with these lenders, and the two lenders shown first have the highest combined Bankrate Score and customer ratings. You can use the drop downs to explore beyond these lenders and find the best option for you.

Compare Current 15-Year Mortgage Rates | Bankrate (9)

Garden State Home Loans

NMLS: 473163

|

State License: MB-473163

3.6

Rating: 3.6 stars out of 5

Bankrate Score

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Recent Customer Reviews

Rating: 4.98 stars out of 5

5.0

562reviews

Read full lender review

Compare Current 15-Year Mortgage Rates | Bankrate (10)

Homefinity

NMLS: 2289

|

State License: 4965

4.5

Rating: 4.5 stars out of 5

Bankrate Score

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Recent Customer Reviews

Rating: 4.94 stars out of 5

4.9

1064reviews

Read full lender review

15-year mortgage FAQ

Refinancing into a 15-year mortgage

If you have a 30-year mortgage and are more than halfway through your loan term, refinancing into a 15-year loan with a lower rate could save you thousands in interest. Bankrate’s 15-year vs. 30-year calculator can help you make the decision.

In general, 15-year mortgages have higher monthly payments due to the shorter term — but, depending on how much lower you can cut your rate and the balance of your current loan, your monthly payment might not increase as much as you think it will, or at all.

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

Learn more about how to refinance your mortgage.

Written by: Jeff Ostrowski, principal writer for Bankrate

Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he spent more than 20 years writing about real estate, business, the economy and politics.

Read more from Jeff Ostrowski

Reviewed by: Greg McBride, chief financial analyst for Bankrate

Greg McBride, CFA, is the Chief Financial Analyst for Bankrate.com, leading a team responsible for researching financial products, providing analysis, and advice on personal finance to a vast consumer audience.

Read more from Greg McBride

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