Compare Current 15-Year Mortgage Rates

Current Mortgage Rate Trends

Recently, 15-year mortgage rates have generally hovered around the 6% mark, reflecting a broader economic environment of high interest rates. These rates are primarily influenced by the yield on the 10-year Treasury note, which tends to rise or fall based on investor expectations around Federal Reserve policy and general economic data. A mortgage loan's annual percentage rate (APR) is slightly higher and includes the interest rate plus any fees or additional costs the lender charges.

Mortgage rates remain stubbornly elevated in part due to continued economic uncertainty, including concerns about long-term inflation and federal trade policy. When investors are unsure about the economy, they often seek higher yields from bonds, pushing mortgage rates upward.

^*Source: Curinos LLC, July 2025; assumes a 720 FICO^® Score^Θ, $350,000 mortgage
^**Source: Optimal Blue via FRED, July 2025
Notes: Rates can vary by data source; monthly payment calculation uses APR and assumes a $350,000 mortgage and 20% down

Mortgage Rate Trends for the Last 5 Years

During the COVID-19 pandemic, mortgage rates fell to historic lows as the Federal Reserve slashed interest rates to support economic activity. However, starting in 2022, rates began to climb rapidly as the Fed raised the federal funds rate in response to soaring inflation.

By October 2023, rates peaked above 7% but have since fallen and held relatively steady, fluctuating within a narrow range as inflation and global economic uncertainty persist.

View the full mortgage rate trends chart here:

30-Year Mortgage Rate Trends 2020 to 2025

What Affects 15-Year Mortgage Rates?

Fifteen-year mortgage loans offer lower interest rates compared to their 30-year counterparts. This is primarily due to the reduced risk home lenders take on with shorter repayment terms. In some cases, the average rate can be close to a full percentage point lower.

However, that shorter term also comes with a higher monthly payment, which may not be worth it for some who are looking to save on their mortgage. Here are some other factors that can influence the rate you qualify for:

• Credit score: Higher scores generally translate to lower rates because they signal responsible borrowing behavior. Additionally, lenders will have a minimum score requirement you'll need to hurdle to even qualify for a loan.
• Debt-to-income ratio: Your debt-to-income ratio (DTI) indicates how much of your gross monthly income goes toward debt payments. A lower DTI suggests you have more room in your budget to manage a higher payment, which reduces risk for lenders.
• Loan amount: Larger loans may carry higher rates due to increased lender risk.
• Down payment: A larger down payment reduces your loan-to-value (LTV) ratio, which can help secure a better rate. This is due to the fact that you're borrowing less and also that you have more skin in the game, so to speak.
• Loan type: Conventional, FHA and VA loans may offer different rates. What's more, fixed-rate loans typically carry higher rates than initial ARM terms, though they also offer long-term predictability.
• Market trends: Broader economic factors, such as inflation, Treasury yields and Fed policy, will impact mortgage rates across all repayment terms.

15-Year Mortgage Requirements

Requirements for a 15-year mortgage are similar to those for a 30-year loan, but the higher monthly payments can make it harder to qualify.

Here are the basic criteria lenders typically look for:

• Minimum credit score: You'll typically need a minimum credit score of 620 for conventional loans, as well as loans guaranteed by the Department of Veterans Affairs (VA) and U.S. Department of Agriculture (USDA). For 15-year Federal Housing Administration (FHA) loans, the minimum is typically 580, but it may go as low as 500 in some cases.
• Maximum DTI: Your DTI should preferably be below 43%, though some lenders may allow up to 50%.
• Steady income: You'll typically need two years of consistent employment and income history to qualify for a loan with favorable terms. However, that may not be a hard minimum for some lenders.
• Down payment: You'll need to put at least 3% or 5% down for conventional loans. However, there's no down payment requirement at all for VA loans and USDA loans. FHA loans, on the other hand, require at least 3.5% down.

Pros and Cons of a 15-Year Mortgage

Before choosing a 15-year mortgage, weigh the following benefits and drawbacks.

How to Get the Best 15-Year Mortgage Rate

While you can't control the market, you can take the following steps to improve your chances of securing a low rate:

• Improve your credit score. Paying down credit card balances, avoiding late payments and checking your credit reports for errors are just a few ways you can improve your credit score.
• Shop around. Get rate quotes from multiple lenders to find the most competitive terms. In some cases, you can even use a competing offer to negotiate better terms with your preferred lender.
• Make a larger down payment. A lower LTV can reduce your risk and monthly payment, not to mention earn you a better rate.
• Lower your DTI. Reduce existing debt or increase your income to improve your borrowing profile.
• Show steady income. A stable job history and reliable income can make you a stronger candidate for low interest rates and fees.
• Consider paying points. If you can afford it, paying mortgage points upfront can reduce your long-term interest costs.

Alternatives to a 15-Year Mortgage

A 15-year mortgage isn't the only way to pay off your home faster, save on interest or meet other financial goals. Depending on your objectives, income and long-term plans, one of these alternatives might be a better fit:

• 10-year mortgage: This is the fastest path to owning your home outright and typically comes with the lowest interest rates available. However, monthly payments can be very high, making it an option best suited for borrowers with strong, stable incomes and minimal existing debt.
• 20-year mortgage: A 20-year mortgage offers a middle ground between affordability and interest savings. Your payments will be higher than a 30-year loan but lower than a 15-year mortgage, while still helping you build equity faster and reduce overall interest costs. It's a good fit if you're looking to pay off your home quicker without overextending your budget.
• 30-year mortgage: With lower monthly payments, a 30-year loan provides the most flexibility for your budget, especially if you're juggling other financial priorities like saving for retirement or funding college expenses. Just keep in mind you'll pay significantly more in interest over the life of the loan.
• Adjustable-rate mortgage: An ARM starts with a fixed rate for a set period—usually three, five, seven or 10 years—before switching to a variable rate. It can be a smart choice if you plan to move or refinance before the rate adjusts, but it carries the risk of rising payments down the road. Make sure you understand the rate caps and adjustment schedule before committing.

The Bottom Line

A 15-year mortgage offers a compelling path to faster homeownership and long-term interest savings, but only if your budget can handle the higher monthly payments. Whether you're refinancing or buying a home, it's important to compare loan types, rates and lenders to find the right fit for your goals.

Before you apply, take time to check your credit and improve it if needed. Experian's free credit monitoring can help you track your FICO^® Score and watch for changes to your Experian credit report, so you can approach the mortgage process with confidence.