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CURRENT 15-YEAR FIXED MORTGAGE RATES
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WEEKLY TRENDS AND INSIGHTS
National mortgage interest rate trends
On the week of December 11, 2024, the current average interest rate for a 30-year fixed-rate mortgage decreased NaN basis points from the prior week to %. The current average interest rate on a 15-year fixed-rate mortgage decreased NaN basis points from the prior week to %.
For context, a 30-year fixed-rate mortgage was NaN basis points higher a year ago. As for a 15-year fixed-rate mortgage, it was NaN basis points higher a year ago.
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Mortgage rates by loan term
Mortgage rates drop or rise daily, reacting to changing economic conditions, central bank policy decisions, and investor sentiment. The table below shows recent trends in mortgage rates.
| Product | Interest rate | APR | ||||
|---|---|---|---|---|---|---|
General Information and Rate Disclosures: The listings that appear on this page are from companies that pay Credible compensation. This table does not include all companies or all available products. Displayed information is valid as of Dec 12, 2024 and assumes a customer with a 750 credit score borrowing a conventional loan for a single-family, primary residence, at or near zero discount points, and a 80% loan-to-home-value ratio. For products indicated as a jumbo (e.g. 30-year fixed jumbo rate), displayed information follows the same assumptions as a conventional loan but set at loan above the conforming limit. Here is an example of your payment based on a $400,000 loan amount, for each advertised loan term:
*Payments do not include amounts for taxes and insurance premiums, your actual payment obligation will be greater. The IP address of the customer accessing this page has been used to determine which U.S state should be used for pricing. In states where Credible does not have a license to operate, we are providing information about rates available in a nearby state. If you are viewing this page from an IP address in one of the states where Credible is not licensed, the rates displayed above are for consumers located in the neighbouring state shown below: IP state without license - Assumed location Missouri - Kansas Hawaii - California Rates, payments, and all information displayed are for informational purposes only and are subject to change without notice. This is not a credit decision or commitment to lend. Mortgage rates and terms you may qualify for depend on your individual financial circumstances. Payment Disclosures: All monthly payment amounts above assume on time monthly payments each month for the full duration of the loan term (e.g. 360 monthly payments for a 30 year loan). Displayed monthly payment amounts do not include amounts for property taxes and hazard insurance. Your actual monthly payment obligation will be higher. Amounts for borrower-paid mortgage insurance premiums are included in the monthly payment if (1) the loan amount is below the “conforming thresholds” set by Fannie Mae and Freddie Mac, and (2) the loan-to-home-value ratio is greater than 80%; mortgage insurance premiums are excluded from the monthly payment if either the loan amount is above the conforming thresholds or the loan-to-home-value ratio is less than or equal to 80%. Your actual payment obligation may be higher. “Conforming thresholds” depend on the county where the property is located. Fees Disclosures: The fee amounts shown above include estimates of loan costs and closing costs you may pay in connection with a mortgage transaction with the assumptions above. This includes fees the lender charges, including points and underwriting fees, and third party services the lender does not let you shop for such as a flood certification fee. It does not include title charges, recording costs, prepaids, initial escrow deposit, and other fees. ARM Disclosures: Variable rate products, such as ARMs, have interest rates that can change over the life of the loan. Changes in the interest rate will cause required payment amounts to change.” The displayed rate and payment will be in effect for the number of years in the product’s description (e.g. 5/1 ARM means the initial rate and payment are in effect for 5 years, 7/1 means they are in effect for 7 years, etc.), after which the rate and monthly payment will change every 12 months. Last updated on Dec 12, 2024. These rates are based on the assumptions shown here. Actual rates may vary. | ||||||
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Getting pre-approved for a mortgage
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Micah Murray is a freelance writer and editor who began writing about personal finance as a side hustle in 2018. By 2019 he quit his full-time job and dove headfirst into helping others build their financial literacy. Since, he has written for sites like Money Under 30, RateGenius, Bankrate, and Sound Dollar, as well as worked as an editorial assistant for Money Under 30.
Reina Marszalek is Credible's senior mortgage editor and is an experienced multimedia content creator. She previously served as a managing editor at Policy Genius, where she covered the insurance and home verticals.
Mike Schmidt is Credible's senior manager of mortgage operations and is a licensed mortgage loan originator in 50 states. Mike has spent 18 years in the industry, working at various financial institutions. He has expertise in all mortgage products, including conventional, FHA, and VA loans.
A 15-year fixed mortgage is a home loan that has a set interest rate for 15 years. This means your mortgage rate won’t change, regardless of how the overall financial market fluctuates.
Fixed 20-year mortgage rates come with higher payments than those of 30-year terms, which can make it harder to qualify for and buy a house. However, they’re not as high as you think. Because you’re skipping 10 years of interest payments, monthly payments tend to only be around 14% more than on a 30-year loan.
Interest rates are complex beasts. Many different factors determine 15-year fixed mortgage rates — some you can control, others you can’t. The few factors you do control include your credit score, which lenders use to determine how much of a risk you pose. Typically, the lower your score, the higher your interest rate and vice versa.
Your down payment is the other major factor you have complete control over. The larger your down payment, the more confidence this gives your lender in your ability to repay the loan. The larger your down payment, the more likely you are to get a good rate.
The list of factors outside of your control is a little longer:
- Economic conditions: The overall state of the economy influences mortgage rates. For instance, the Federal Reserve heavily influences mortgage rates because it changes a key interest rate called the federal funds rate. When the Fed raises this rate, it becomes more expensive for banks to borrow money. In response, these banks tend to charge higher interest rates for mortgages. On the other end of the scale, if the Fed lowers this rate, borrowing becomes cheaper for banks, and possibly for you, as well.
- Inflation: Inflation lowers the purchasing power of money over time. When setting interest rates, mortgage lenders anticipate future inflation. If lenders expect higher inflation, especially in the near future when considering 15-year loans, they may charge higher interest rates to compensate for potential loss down the line.
- Market conditions: Mortgage rates are also influenced by the chain of supply and demand. When the housing market is hot and more buyers are looking for mortgages, rates are often lower, and when demand is low, rates tend to rise.
Mortgage rates fluctuate often, so the average mortgage rate today might not be the average mortgage rate tomorrow. To get an accurate picture of the rate you can expect, you should compare multiple lenders’ rates and terms. For a fast process, use Credible’s mortgage marketplace, which provides you with personalized rate quotes in minutes.
While you don’t have complete control over your interest rate, there are steps you can take to better your chances of getting a lower rate. Following these tips can help you get the most affordable 15-year mortgage rates:
- Improve your credit: To improve your credit score, focus on paying down debts, disputing errors on your credit report, and asking for credit line increases.
- Save for a larger down payment: A larger down payment can help reduce the size of your loan, lowering the loan-to-value (LTV) ratio and the amount of risk for the lender.
- Compare multiple lenders: Before settling on a lender, make sure to shop around for the best deal.
- Lower your debt-to-income ratio (DTI): Your DTI represents the amount of debt you have compared to your income. You should try to keep your DTI as low as possible to show lenders that you have plenty of income available to pay back the loan.
- Consider rate-lock opportunities: If you have an opportunity to lock in a home interest rate, doing so can help you avoid paying a steeper rate down the line.
- Use discount points strategically: Discount points get paid upfront in exchange for a lower interest rate, saving you money in the long run when used correctly.
A 15-year fixed mortgage isn’t for everyone. Whether or not the advantages outweigh the disadvantages is dependent on your financial goals. Here are the pros and cons you should consider before agreeing to a 15-year fixed term:
Pros
- Lower interest costs: Since you repay the loan quickly, interest has less time to accrue on your loan.
- Build equity faster: A 15-year mortgage term can help you build equity more quickly than longer-term mortgages.
- Fixed rates provide stability: Your mortgage payment will be more stable over the life of the loan than with an adjustable-rate mortgage.
Cons
- Higher monthly payments: Since you’ll pay off your loan faster, a 15-year term requires you to make larger monthly payments than mortgages with longer terms.
- Smaller tax deductions: Since you’ll pay less in interest, you’ll qualify for a smaller mortgage interest tax deduction.
When compared, 15-year fixed interest rates and 30-year fixed interest rates have a few similarities and differences:
Similarities
- Fixed interest rate: Both a 15-year fixed and 30-year fixed mortgage offer set mortgage rates. These rates don’t change over the life of the loan, and provide predictability for borrowers.
- Principal and interest payments: Principal and interest payments are part of both mortgage terms. That said, how each type of payment is allocated changes based on the mortgage term you choose.
- Result in homeownership: Once paid off, both a 15-year fixed mortgage term and a 30-year mortgage term result in homeownership.
Differences
- Loan term: The primary difference between these two loan terms is that a 15-year fixed loan must be repaid in 15 years while a 30-year fixed loan must be repaid in 30 years.
- Monthly payments: 15-year fixed mortgages come with higher monthly payments than 30-year fixed mortgages since the time you have to repay your loan is half that of a 30-year fixed term.
- Equity buildup rate: With a 15-year loan term, you’ll develop equity twice as fast as you would with a 30-year loan term.
- Interest cost: Since 30-year loans have more time to accrue interest, they typically have higher overall interest costs than 15-year mortgages. Plus, 30-year mortgage rates are often slightly higher than those of 15-year mortgages.
Whether or not a 15-year fixed-rate mortgage makes sense for you will depend on what you can afford, how quickly you’d like to pay off your home, and your overall financial goals. That said, a 15-year fixed-rate mortgage makes sense in many different situations, such as:
- You want to pay off debt quickly: A 15-year mortgage is half the length of a traditional 30-year mortgage, so you’ll own your house in half the time. Once paid off, you will own your home outright and not carry around excess debt.
- You want to build equity quickly: If you need to build equity quickly, a 15-year mortgage term can help you do just that. Once you have equity, you can leverage it to borrow more money, which can be used for a variety of reasons.
- You can afford to: If you can afford the higher monthly payments, there’s virtually no reason not to get a 15-year fixed-rate mortgage, unless you would rather invest your money in other areas without putting it all toward the home.
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