For a comparison of all major mortgage types — conventional, FHA, VA, USDA, ARM, and jumbo — see the Mortgage Loan Types hub.
Track current 15-year fixed mortgage rates and see how they compare to 30-year options.
For full affordability planning and scenario frameworks, start with the Mortgage Affordability hub.
Current 15-Year Mortgage Rates
Rates as of March 2026. Updated daily.
| Loan Type | Rate | APR | Points |
|---|---|---|---|
| 15-Year Fixed | 6.125% | 6.20% | 0.4 |
| 15-Year Fixed (Conforming) | 6.00% | 6.08% | 0.3 |
| 15-Year Fixed (Jumbo) | 6.375% | 6.42% | 0.4 |
| 15-Year Fixed (FHA) | 5.75% | 6.35%* | 0.0 |
| 15-Year Fixed (VA) | 5.625% | 5.82% | 0.0 |
*FHA APR includes mortgage insurance premium
15-Year vs 30-Year Rate Comparison
| Metric | 15-Year | 30-Year | Difference |
|---|---|---|---|
| Current Rate | 6.125% | 6.875% | -0.75% |
| Typical Rate Gap | — | — | 0.5-0.75% higher |
Payment Comparison ($400K home, 20% down)
| Feature | 15-Year @ 6.125% | 30-Year @ 6.875% |
|---|---|---|
| Loan Amount | $320,000 | $320,000 |
| Monthly Payment | $2,724 | $2,101 |
| Total Payments | $490,320 | $756,360 |
| Total Interest | $170,320 | $436,360 |
| Interest Savings | $266,040 | — |
15-Year Rates by Credit Score
| Credit Score | Rate Range | Monthly Payment ($320K loan)* |
|---|---|---|
| 760+ (Excellent) | 5.75-6.00% | $2,645-$2,700 |
| 700-759 (Good) | 6.00-6.25% | $2,700-$2,755 |
| 680-699 (Fair) | 6.25-6.50% | $2,755-$2,810 |
| 660-679 | 6.50-6.75% | $2,810-$2,866 |
| 620-659 | 6.75-7.25% | $2,866-$2,979 |
*Principal and interest only
Savings Calculator: 15-Year vs 30-Year
| Home Price | 15-Year Total Interest | 30-Year Total Interest | Savings |
|---|---|---|---|
| $300,000 | $127,740 | $327,270 | $199,530 |
| $400,000 | $170,320 | $436,360 | $266,040 |
| $500,000 | $212,900 | $545,450 | $332,550 |
| $600,000 | $255,480 | $654,540 | $399,060 |
| $750,000 | $319,350 | $818,175 | $498,825 |
Assumes 20% down, 6.125% (15-yr) and 6.875% (30-yr)
Can You Afford a 15-Year Mortgage?
Income Needed by Home Price
Assumes 28% DTI for housing, no other debt:
| Home Price | 15-Year Payment | Income Needed | 30-Year Payment | Income Needed |
|---|---|---|---|---|
| $300,000 | $2,543* | $109,000 | $1,951* | $84,000 |
| $400,000 | $3,324* | $142,000 | $2,551* | $109,000 |
| $500,000 | $4,105* | $176,000 | $3,151* | $135,000 |
| $600,000 | $4,886* | $210,000 | $3,751* | $161,000 |
Includes taxes, insurance, and PMI estimates
When to Choose 15-Year
Best Candidates:
| Situation | Why 15-Year Works |
|---|---|
| High income, stable job | Can handle higher payments |
| 10-15 years from retirement | Be mortgage-free in retirement |
| Refinancing with equity | Lower balance = manageable payments |
| Aggressive wealth builders | Forced savings discipline |
| Already maxing retirement accounts | Good use of extra cash |
When to Choose 30-Year Instead:
| Situation | Why 30-Year Works |
|---|---|
| Tight budget | Lower required payment |
| Unstable income | Flexibility if income drops |
| Young buyer | Invest the difference |
| High-cost area | Make payments affordable |
| Other high-interest debt | Pay that first |
The Math: Invest the Difference?
If you take a 30-year and invest the payment difference:
| Scenario | Monthly | After 15 Years | After 30 Years |
|---|---|---|---|
| 15-Year mortgage | $2,724 | Paid off, own home | Own home |
| 30-Year mortgage | $2,101 | Owe $198K still | Paid off |
| Invest difference | $623/month | $181,000* | $633,000* |
*Assumes 7% average return
Result: Investing the difference may come out ahead, but it requires discipline and assumes consistent returns.
15-Year Rate History
| Period | Average 15-Year Rate |
|---|---|
| March 2026 | 6.125% |
| 2025 Average | 6.22% |
| 2024 Average | 6.08% |
| 2023 Average | 6.03% |
| 2022 Average | 4.45% |
| 2021 Average | 2.27% |
| 10-Year Average | 3.91% |
| All-Time Low | 2.10% (Jan 2021) |
Payment Examples by Home Price
15-Year, 6.125% Rate, 20% Down
| Home Price | Down Payment | Loan | Monthly P&I | Total Interest |
|---|---|---|---|---|
| $250,000 | $50,000 | $200,000 | $1,703 | $106,450 |
| $300,000 | $60,000 | $240,000 | $2,043 | $127,740 |
| $350,000 | $70,000 | $280,000 | $2,384 | $149,030 |
| $400,000 | $80,000 | $320,000 | $2,724 | $170,320 |
| $500,000 | $100,000 | $400,000 | $3,405 | $212,900 |
Refinancing to 15-Year
If you have an existing 30-year mortgage, refinancing to 15-year can save substantial interest:
Example: $300K original loan, 5 years in
| Current Situation | Value |
|---|---|
| Original loan | $300,000 |
| Current balance | $275,000 |
| Current rate | 7.00% |
| Current payment | $1,996 |
| Years remaining | 25 |
| Remaining interest | $313,800 |
After 15-Year Refi at 6.125%
| New Situation | Value |
|---|---|
| New loan | $275,000 |
| New payment | $2,341 |
| Total interest | $146,380 |
| Interest savings | $167,420 |
| Payment increase | +$345/month |
How to Get the Best 15-Year Rate
| Strategy | Impact |
|---|---|
| Credit score 760+ | Save 0.25-0.50% |
| 20%+ down payment | Best rates, no PMI |
| Shop 3-5 lenders | Find lowest offer |
| Compare on same day | Rates change daily |
| Consider credit unions | Often lower rates |
| Negotiate fees | Saves $1,000+ |
Related: 30-Year Mortgage Rates | 15-Year vs 30-Year Mortgage | Mortgage Calculator
The content on Wealthvieu is for informational purposes only and should not be considered financial, tax, or investment advice. Consult a qualified professional before making financial decisions. Full disclaimer · Editorial policy