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

FAQs

What is the interest rate on a 15 year fixed mortgage right now? ›

Today's national 15-year mortgage rate trends

For today, Monday, June 17, 2024, the national average 15-year fixed mortgage interest rate is 6.45%, down compared to last week's of 6.57%. The national average 15-year fixed refinance interest rate is 6.50%, down compared to last week's of 6.64%.

The lowest average annual mortgage rate on 15-year fixed mortgages since 1991 was 2.66%. This occurred in both late 2012 and in April 2013. As of 2020 and 2021, the average 15-year fixed mortgage rate has dropped even further to 2.61% and 2.27%, respectively.

The Federal Reserve has indicated it may cut rates later in 2024. Certified financial planner Amy Hubble told CNBC Select she doesn't expect a rate cut until at least September.

What Is the Current Prime Rate? As of May 20, 2024, the current prime rate is 8.50%, according to The Wall Street Journal's Money Rates table. This source aggregates the most common prime rates charged throughout the U.S. and in other countries.

The 15-year mortgage has some advantages when compared to the 30-year, such as less overall interest paid, a lower interest rate, lower fees, and forced savings. There are, however, some disadvantages, such as higher monthly payments, less affordability, and less money going toward savings.

MBA: Rates Will Decline to 6.5% In its May Mortgage Finance Forecast, the Mortgage Bankers Association predicts that mortgage rates will fall from 6.9% in the second quarter of 2024 to 6.5% by the fourth quarter. The industry group expects rates will fall below the 6% threshold at the end of 2025.

A 15-year mortgage means larger monthly payments, but a lower rate and substantial savings on interest. A 30-year mortgage gives you a more affordable monthly payment, but expect higher borrowing costs overall. You can also take out an interest-only mortgage or pay your loan off early to maximize interest savings.

You'll likely pay a higher rate if you accept the first offer you're presented. It's in your best interest to reject it and ask your lender to put a better one on the table. Negotiating a mortgage rate is relatively easy if you're prepared.

What percent of people have a 15-year mortgage? ›

But next in line is the 15-year term, which about nearly 10% of borrowers use. These have shorter payoff timelines but come with a few advantages–including a lower interest rate—that can save your thousands of dollars over the life of the loan.

If interest rates go up after you've locked in your rate, you get to keep the lower rate. On the other hand, if you lock your rate and interest rates fall, you can't take advantage of the lower rate unless your rate lock includes a float-down option.

In summary, it is unlikely that mortgage rates in the US will ever reach 3% again, at least not in the foreseeable future. This is due to a combination of factors, including: Higher Inflation: Inflation is currently at a 40-year high in the US, and the Federal Reserve is raising interest rates to combat it.

The average 30-year fixed mortgage rate as of Friday is 6.91%. By the final quarter of 2025, Fannie Mae expects that to slide to 6.0%. While Wells Faro's model expects 5.8%, and the Mortgage Bankers Association estimates 5.5%.

The 10-year treasury constant maturity rate in the U.S. is forecast to decline by 0.8 percent by 2026, while the 30-year fixed mortgage rate is expected to fall by 1.6 percent. From seven percent in the third quarter of 2023, the average 30-year mortgage rate is projected to reach 5.4 percent in 2026.

The 15-year mortgage has some advantages when compared to the 30-year, such as less overall interest paid, a lower interest rate, lower fees, and forced savings. There are, however, some disadvantages, such as higher monthly payments, less affordability, and less money going toward savings.

A 15-year mortgage means larger monthly payments, but a lower rate and substantial savings on interest. A 30-year mortgage gives you a more affordable monthly payment, but expect higher borrowing costs overall. You can also take out an interest-only mortgage or pay your loan off early to maximize interest savings.

Home Loan Interest Rate 2024

Currently, Union Bank of India and Bank of Maharashtra offer the lowest home loan interest rate starting from 8.35% p.a. Punjab National Bank, Bank of India, Indian Overseas Bank and Canara Bank offer rate of interest on home loans starting from 8.40% p.a.