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With a 15-year fixed mortgage refinance, you can refinance your existing mortgage to take advantage of lower rates. The new loan will have different terms than your old one, including interest rate, monthly payment, and loan term.
With a 15-year refinance, rates tend to be lower than loans with longer loan terms, so you can save money over the length of your loan. And, you can pay off your loan sooner.
Lower interest rate:
By opting for a shorter term, you’re eligible for lower interest rates than you’d get with a 30-year fixed mortgage refinance.
Earlier payoff date:
When you select a 15-year fixed mortgage refinance, you’ll be able to pay off your mortgage faster.
Higher monthly payments:
With a shorter loan term, your monthly payments might be bigger than they were before. If you’re not prepared, those higher payments might strain your budget.
When you refinance your loan, you’ll have to pay closing costs. These costs can be a portion of your home loan amount, adding thousands to your loan cost. Keep in mind, though, that this will typically only be a disadvantage if you plan on selling your house soon. If you sell before the point when the benefits of the refinancing outweigh the closing costs, then you've lost money.
If you want to refinance your home mortgage to a 15-year refinance loan to take advantage of lower interest rates, compare rates from multiple lenders before submitting your application. Interest rates and loan terms can vary widely from lender to lender, so use Credible to compare mortgage rates from several lenders at once.
Home refinance rates rise and fall on a daily basis with changing economic conditions, central bank policy decisions, and investor sentiment. The table below shows recent trends in home refinance rates.
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 Aug 18, 2022 and assumes a customer with a 740 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.
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, 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 neighboring state shown below:
IP state without license - Assumed location
New York - New Jersey
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.
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.
The APRs displayed above incorporate 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.
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.
Displayed rates are available through Credible Operations, Inc., NMLS #1681276
Last updated on Aug 18, 2022. These rates are based on the assumptions shown here. Actual rates may vary.
The best time to refinance your home loan is when market conditions are favorable for borrowers. A good time to shop around for mortgage refinancing rates can be when the Federal Reserve lowers interest rates. With a 15-year refinance loan, you could qualify for a much lower rate on your mortgage.
What Is a Mortgage Rate and How Do They Work?
CALCULATORS & TOOLS
How a cash-out mortgage refinance works
Cash-out refinancing allows you to take money out of your home equity by refinancing your current mortgage for an amount that is greater than your existing loan and the refinancing loan’s closing costs. Find out more about how a cash-out refinance works.
How to refinance your mortgage
Refinancing your mortgage can be much simpler than the process you went through when you bought your home. Here’s how to refinance your mortgage — and everything you need to know before you do.
When to refinance your mortgage
If you own a home, it’s a good idea to reassess your mortgage periodically to see if you can find a better deal elsewhere. Check out some of the reasons refinancing your mortgage could be a good idea.
How to get the best mortgage refinance rates
You really have to do your research if you want to get the best mortgage refinance rate. We’ll take some of the burden off you by doing most of the legwork so you can find the best rate for your situation.
As a Credible authority on mortgages, Chris Jennings covers topics including home loans and mortgage refinancing. His work has appeared in Fox Business and GOBankingRates.
The lowest 15-year refinance rate was in August 2021 at approximately 2.15%, according to historical data from Freddie Mac.
Regardless of how low current refinance rates are, it’s always wise to compare mortgage refinance rates from several lenders. Minimizing your APR is an easy way to save money with fewer lifetime loan costs. Rate shopping with Credible is one way to find a great monthly payment for your circumstances.
A good refinance rate is one that’s significantly lower than your current one. When you refinance, you’ll want to aim for a rate that’s at least one percentage point lower than your current rate. This will provide you with meaningful monthly savings and allow you to break even on your closing costs in a reasonable amount of time.
Today’s 15-year refinance rates sit below 3%, and they’ve been below that threshold since the beginning of the COVID-19 pandemic.
Typically, the best refinance rates assume you have a credit score of 740 or higher and an 80% loan-to-value ratio (LTV). They also assume you’re refinancing a single-family, primary residence. You can qualify for a great rate by maintaining an excellent credit score and a low debt-to-income ratio.
Several economic factors affect 15-year mortgage rates. For example, the movement of the 10-year Treasury yield can directly influence refinance rates.
Two additional factors are the general health of the economy and inflation. A sluggish economy with rising unemployment can lead to lower rates, while upticks in inflation may cause lenders to raise rates.
There are a number of personal factors that determine the rate you qualify for as well, including:
Credit score: Most lenders require an excellent credit score — typically 740 or higher — to qualify for the lowest rates.
Debt-to-income ratio: Try to have a debt-to-income ratio below 36% to impress lenders. You may qualify with a DTI as high as 45%, but expect a higher rate.
Loan-to-value ratio: A loan-to-value (LTV) ratio of 80% or lower can help you get a lower rate. It’ll also allow you to avoid private mortgage insurance.
Loan type: A traditional, rate-and-term refinance usually offers lower rates than a cash-out refinance. This is because the latter option is often riskier for the lender due to higher loan amounts.
Refinancing fees: Paying your refinancing fees upfront and instead of rolling them into your loan can reduce your APR. Buying mortgage points can also decrease your rate.
Repayment term length: Shorter repayment terms have lower interest rates but require a bigger monthly payment.
Most lenders will recommend a 15-year or 30-year repayment term when you’re ready to refinance. Either option can help you save money in comparison to your existing mortgage. A 15-year term has a higher monthly payment, but you’ll pay significantly less in total interest.
The two main benefits of a 30-year fixed-rate mortgage are:
Paying less per month for the life of the loan
A 30-year term allows you to enjoy cheaper monthly payments. It also offers flexibility: you can choose to make extra payments to pay down your loan faster while still having the ability to fall back to a smaller monthly payment if you can no longer afford to do so.
The major downside to 30-year mortgages vs. 15-year mortgages, of course, is the interest — because you have twice as long to pay off your loan, you’ll end up paying far more in interest over the course of the loan.
Here’s an example of what your monthly payment and total interest costs might look like for a $200,000 refinance loan. The example assumes an excellent credit score of 740.
|Mortgage term||15 Years||30 Years|
|Interest rate (APR)||2.513%||3.134%|
|Lifetime interest cost||$40,264.48 |
Lenders offer multiple repayment terms for fixed interest rates, usually between 10 to 30 years.
Here is a glance at how refinance rates might differ by term. The table assumes a $200,000 standard refinance and a $600,000 jumbo refinance, with the consumer having a 740 credit score and paying all closing costs up front:
Switching from an adjustable-rate mortgage to a 15-year mortgage to secure a fixed interest rate makes a lot of sense when rates are rising and you have several years of payments remaining. You’ll enjoy more stability in your monthly payments and be protected against further rate fluctuations.
While 15-year refinance rates are higher than the interest rates on adjustable-rate mortgages up front, you’ll save money if the rate increases above your current rate in the future. In a rising interest-rate environment, you could be looking at thousands of dollars in savings.
However, it may not be worth refinancing an adjustable-rate mortgage if you can pay off your loan within a few years, interest rates are falling or staying relatively flat, or a potential rate hike would have minimal impact on your finances.
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