Current interest rates for a 15 year fixed mortgage

Interest rate animationThe benefit of a 15-year fixed rate mortgage is a lower interest rate than a 30-year fixed-rate mortgage. Consequently, the total interest paid to the lender with a 15 year mortgage is considerably less than with a 30 year fixed rate loan. The down side of a 15 year fixed rate mortgage is that the monthly loan payment is almost double that of a 30 year fixed rate loan, since the payoff period is compressed into 15 years.

The 15 year fixed rate mortgage is a popular choice of homeowners who wish to refinance their current mortgage. Many prospective applicants are surprised to learn that the interest rate can be "bought down" with discount points. Many lenders are able to "roll in" the discount points or can even pay the points on behalf of the borrower.

The 15 year fixed rate mortgage is available for FHA, VA and conventional home loans.

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