15-Year Fixed Mortgage Rates
Current 15-year fixed mortgage rate averages, how they compare to 30-year rates, and the trade-off between a higher payment and far less total interest.
National average rates this week
Week of August 20, 2026Source: Freddie Mac Primary Mortgage Market Survey via FRED, updated August 20, 2026. National average survey rates, not an offer. Your rate will depend on credit score, loan-to-value, loan type, property and occupancy. Rates could change or not be available at commitment or closing. This product uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.
How 15-Year Fixed Mortgage pricing relates to this benchmark. The 15-year fixed is surveyed directly by Freddie Mac, so the second figure above is the benchmark for this program. It runs below the 30-year because the lender's money is at risk for half as long.
How 15-Year Fixed Mortgage rates are set
A 15-year fixed-rate mortgage repays the loan in 180 equal principal-and-interest payments. The rate is locked for the full term. Because the loan is shorter, lenders and investors face less long-term inflation risk and the rate is typically noticeably lower than the 30-year rate. The trade-off is a higher required monthly payment, since the same balance is repaid in half the time.
The total interest difference is substantial. On the same loan amount, a 15-year loan can cut lifetime interest by well over half compared with a 30-year loan, and the balance falls quickly from the first year. Equity builds fast, which can matter if you expect to sell, refinance or borrow against the home later.
Fifteen-year rates move with the same market forces as 30-year rates: mortgage-backed security yields, Treasury yields, inflation readings and the overall economic outlook. The spread between the two terms widens and narrows over time depending on how investors view the next decade versus the next three decades, so the discount for choosing 15 years is not a fixed amount.
Loan-level pricing adjustments for credit score and loan-to-value ratio are generally smaller on 15-year conforming loans than on 30-year loans, which is one reason the 15-year rate can look especially attractive to borrowers with mid-range credit. Points, occupancy and property type still apply.
The main question is whether the higher payment fits comfortably. A common alternative is to take a 30-year loan and voluntarily pay it on a 15-year schedule; you give up some rate discount but keep the flexibility to fall back to the lower required payment if income changes. A licensed loan originator can show both scenarios side by side.
Rates shown could change or may not be available at commitment or closing.
Daily rate-lock index (OBMMI)
Updated daily by providerIndex data © Optimal Blue, LLC. Optimal Blue Mortgage Market Indices.
Source: Optimal Blue Mortgage Market Indices (OBMMI), updated August 26, 2026. National average survey rates, not an offer. Your rate will depend on credit score, loan-to-value, loan type, property and occupancy. Rates could change or not be available at commitment or closing.
15-Year Fixed Mortgage Rates: common questions
How much higher is the 15-year payment?
It depends on the rate spread, but the principal-and-interest payment on a 15-year loan is often roughly 40 to 50 percent higher than on a 30-year loan of the same amount. Use the payment calculator on this site to compare exact figures.
Is the 15-year rate always lower than the 30-year rate?
Almost always, but the size of the gap varies with market conditions. The weekly survey figures on this page show the current spread.
Can I get a 15-year FHA or VA loan?
Yes. Both programs offer 15-year fixed terms. The pricing and mortgage insurance rules differ from conventional loans, so compare both.
Should I choose 15 years or pay extra on a 30-year loan?
The 15-year loan usually carries a lower rate, while the 30-year loan keeps a lower required payment. The right answer depends on how much you value the rate discount versus payment flexibility.