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15-year mortgage rates chart
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What is a 15-year fixed-rate mortgage?
A 15-year fixed mortgage is a home loan with an interest rate that stays the same over a 15-year period. For example, a 15-year fixed rate mortgage for a home valued at $300,000 with a 20% down payment and an interest rate of 3.75%, the monthly payments would be about $1,745 (not including taxes and insurance). Because the mortgage is fixed, the monthly payment and interest rate will stay the same for the life of the loan.
How does a 15-year fixed-rate mortgage compare to a 5-year ARM?
A 15-year fixed-rate mortgage has a 15-year term with a fixed interest rate and payments, while a 5-year ARM has a longer 30-year term with a fixed-rate for the first 5 years, and then a variable rate for the remaining term. 5-year ARMs generally offer a lower initial interest rate compared to fixed-rate mortgages, which may save you thousands of dollars in interest over the life of the loan. When 5-year ARMs adjust, rates and payments may increase. Unless you plan to sell or refinance the home before the 5-year ARM’s fixed period ends, a 15-year mortgage is the lower risk option.
Should I refinance to a 15-year mortgage?
Typically, homeowners refinance to a 15-year fixed mortgage to save on interest and pay off the loan faster. Refinancing is best when the potential savings outweigh the closing cost fees, which can range from 2% to 6% of the loan’s principal amount. Since monthly payments are much higher with a 15-year mortgage than with a longer term loan, make sure that you can comfortably support the increase. You can calculate how much you'll save in interest with a 15-year mortgage and subtract the amount from the fees to determine if refinancing is financially worthwhile.
The rate and monthly payments displayed in this section are for informational purposes only. Payment information does not include applicable taxes and insurance. Zillow Group Marketplace, Inc. does not make loans and this is not a commitment to lend.
Is a 15-year fixed-rate mortgage right for you?
You may consider a loan with a 15-year mortgage rate over a longer term loan like a 30-year fixed if you’re comfortable with making higher monthly payments. You’ll pay significantly less interest over time and pay your home off twice as fast, since you’re borrowing the money for just 15 years as opposed to 30.
For example, on a 30-year, fixed-rate mortgage for a home valued at $300,000 with a 20% down payment and an interest rate of 3.75%, the monthly payments would be about $1,111 (not including taxes and insurance). But for a 15-year fixed-rate mortgage with an interest rate of 3.00%, the payment would be about $1,657.
Additionally, you'll typically build equity at a much faster pace with a 15-year mortgage than with a longer term loan. However, because the monthly payment on a 15-year mortgage can be much higher than a 30-year loan, you may not qualify for as much mortgage as you’d hoped. You can estimate the purchase price of a house you may be able to afford using our home affordability calculator.
Advantages | Disadvantages |
---|---|
Pay off home faster | Higher monthly payments |
Pay less interest over time | Qualify for a lower mortgage amount |
Build equity faster | Might sacrifice monthly savings or retirement |
The rate and monthly payments displayed in this section are for informational purposes only. Payment information does not include applicable taxes and insurance. Zillow Group Marketplace, Inc. does not make loans and this is not a commitment to lend.
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