15 year fixed mortgage rates
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What is a 15-year fixed-rate mortgage?
A 15-year fixed-rate mortgage is a home loan with the same interest rate and monthly payment repaid over the course of 15 years. A 15-year fixed-rate mortgage is a good option for borrowers who want to take advantage of lower mortgage interest rates and pay off their mortgages earlier. Plus, the shorter loan term will help you save money in interest compared to a 30-year fixed-rate mortgage (since you’re paying it off sooner).
PROS
Advantages of a 15-year fixed mortgage
If you’re considering taking out a 15-year fixed mortgage, there are three core advantages:
Lower interest rates:
Lenders tend to offer lower mortgage interest rates to borrowers who select shorter loan terms, as it poses less risk to the lender. By choosing a 15-year loan, you can qualify for a lower interest rate than if you opted for a 30-year loan.
Reduced repayment amount:
With a shorter loan term and lower interest rate, less interest will accrue on your loan. You’ll repay thousands less in interest over the life of the loan than if you had taken out a 30-year mortgage.
Faster equity:
Because you have a shorter loan term and larger monthly payments, more of your minimum monthly payment will go toward the principal, allowing you to build equity in your home more quickly.
Learn More:
What Is a Mortgage Rate and How Do They Work?
CONS
Disadvantages of a 15-year fixed mortgage
While a 15-year mortgage allows you to become mortgage-free sooner, there are some drawbacks to consider:
Higher monthly payments:
With a 15-year mortgage, your monthly payments will be significantly higher than they’d be under a 30-year mortgage. The higher payments might be difficult to fit into your budget.
Limited purchase price:
Because so much of your monthly income will go toward the higher minimum mortgage payments, you’ll likely get approved for a smaller home loan with a 15-year mortgage than if you chose a 30-year mortgage. You might have to settle for a smaller and less expensive home if you want to use a 15-year fixed-rate mortgage.
How to shop for a 15-year fixed-rate mortgage
Before selecting a lender, compare offers from multiple mortgage companies to find the best rates and terms for your needs. When researching your options, pay attention to interest rate, interest rate types, fees, and down payment requirements.
With Credible, you can get a streamlined pre-approval for a home loan in as little as three minutes — making getting a mortgage faster and easier.
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