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Today’s 15-Year Fixed Mortgage Refinance Rates

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Refinancing your mortgage could be a good choice if you can qualify for better terms, such as a lower interest rate, or to help you pay off your house faster. One option to consider is refinancing to a conventional 15-year, fixed-rate loan.

If you’re thinking about refinancing, be sure to keep an eye on interest rates beforehand as they tend to fluctuate daily. Note that rates on 15-year mortgages tend to be lower than rates on 30-year loans, but higher than rates on 10-year loans.

Today’s 15-year Refinance Rates

The current average rate on a 15-year refinance is 5.63% compared to the rate a week before of 5.71%.

The 52-week high for a 15-year refinance rate was 6.23%, and the 52-week low was 5.63%.

What’s the Lowest 15-year Refinance Rate?

The lowest interest rate recorded for a 15-year mortgage was 2.10% in July 2021, according to Freddie Mac Note that this rate was for purchase mortgages.

The average rate for a 15-year refinance is 6.07%, as of December 2022. Keep in mind that you’ll generally need good to excellent credit, stable income and a low debt-to-income (DTI) ratio to qualify for the best rates available.

Current 15-year Refinance Rates Chart

Here’s how current rates on 15-year refinance loans compare to other similar mortgage products:

What Is a 15-year Mortgage Refinance?

A 15-year mortgage refinance is a new home loan that replaces your existing mortgage and is paid off in a 15-year span. Keep in mind that if you currently have a 20- or 30-year term and choose to shorten it to a 15-year term, you’ll save money on interest but will have a higher monthly payment because you’re paying off your loan balance faster.

However, this could still be a good middle option if you’re looking to pay off your mortgage quicker but don’t want the higher payments that come with a 10-year term. On the other hand, if you currently have a 10-year term and want to extend it, you could reduce your payments but will end up paying more interest over time.

Should I Refinance into a 15-year Mortgage?

Whether you should refinance your mortgage to a 15-year term depends on your individual circumstances and financial goals. If you can lower your interest rate or want to shorten your repayment term, this could be a good idea.

But if you currently have a 30-year term and can’t afford higher payments, it might be better to stick with a longer term instead—though you’ll pay more in interest this way. Be sure to consider your overall costs with a 15-year vs. a 30-year loan as you weigh your options.

Pros and Cons of a 15-year Mortgage

Before deciding on refinancing into a 15-year mortgage, consider these advantages and disadvantages.

Pros of a 15-year Mortgage

  • Pay less interest. You’ll pay less in interest with a 15-year term compared to your interest costs with a 20- or 30-year loan. Lenders also typically offer lower rates on loans with shorter terms.
  • Pay off your home faster. Opting for a shorter, 15-year term can help you pay off your mortgage more quickly compared to borrowers who choose longer terms.
  • Get rid of private mortgage insurance sooner. If you’re required to have private mortgage insurance (PMI), you can get out of it once you have 20% equity in your home. Paying down your loan balance quicker with a 15-year term can help you get rid of PMI sooner.

Cons of a 15-year Mortgage

  • Larger monthly payments. If you have a 20-year or 30-year loan and refinance it into a 15-year loan, your monthly payments will increase.
  • Less flexibility in your monthly budget. Because payments on a 15-year loan are higher than what you’d pay with a 20- or 30-year term, you could end up with less room in your budget for unexpected expenses.
  • Harder to qualify. You’ll need to show your lender that you have substantial enough income to support repaying a 15-year term. This can make it harder to qualify for a 15-year loan compared to a loan with a longer term.

How to Get the Best 15-Year Refinance Rates

Getting a good rate on your mortgage can save you hundreds or even thousands of dollars over time. The following are some strategies that could help you secure the best possible rate on your loan.

1. Keep an Eye on Rates

Mortgage refinance rates fluctuate daily. Paying attention to rates can help you jump on a good deal.

2. Check Your Credit

In general, the higher your credit score, the lower your interest rate will be—so it’s a good idea to check your credit beforehand to see where you stand.

You can use a site like to review your credit reports for free. Sometimes your bank, credit union or credit card provider will offer a free credit check as well. If you find any errors, dispute them with the appropriate credit bureau to potentially boost your credit score.

3. Build Your Credit

If you have poor or fair credit, consider spending some time building up your credit score before you apply. This way, you’ll have an easier time getting approved as well as qualifying for better rates.

Some possible ways to do this include paying all of your bills on time, paying down credit card balances and avoiding new loans.

4. Compare Multiple Lenders

Each lender sets its own rates according to market conditions. Comparing as many lenders as possible can help you find a loan with optimal terms.

Related: Best Refinance Lenders

5. Decrease Your Debt-to-income (DTI) Ratio

Your DTI ratio is the amount you owe on monthly debt payments compared to your income. If you’re able to reduce your DTI ratio, lenders might be willing to offer you better rates.

Some strategies to do this include paying down existing debt or increasing your income.

6. Consider Discount Points

With a mortgage, you have the option to buy discount points, which are essentially fees you’ll pay at closing in return for a lower interest rate. One point is equal to 1% of your loan amount. Buying points might be worth it if you plan to stay in your home for an extended period of time.

7. Don’t Wait on Closing Costs

Like when you first took out your mortgage, you can expect to pay 3% to 6% of your loan amount in closing costs if you choose to refinance. Some lenders provide the option of rolling these costs into your loan; however, doing so usually means having to pay a higher interest rate and greater overall loan cost.

By paying these costs upfront, you can avoid these additional charges.

What Are Some Alternatives to a 15-year Refinance?

While the notion of paying off your mortgage faster and less in interest by refinancing into a 15-year mortgage sounds appealing, the steeper monthly payments may not be.

However, there are other options besides refinancing to a 15-year mortgage where you can still come out ahead.

  • Increase your payments on your 30-year mortgage. If your budget allows for it, try to make bi-monthly payments on your loan instead of monthly payments. This will reduce how long your interest compounds. If bi-monthly payments are too tall of an order, even adding some extra lump-sum payments can reduce the interest you pay in the long run.
  • Select a 20-year mortgage refinance term. If your monthly budget will be stretched with a 15-year mortgage, a 20-year mortgage may be a good compromise. Use a mortgage refinance calculator to determine the savings and monthly payments to see if a 20-year mortgage is the best option.
  • Ask your lender about mortgage recasting. If you have recently come into a large sum of cash, like a work bonus or inheritance money, you can put it towards paying your loan principal. Your lender may offer to recalculate, or recast, your loan based on the remaining balance. This can reduce your monthly payment and, therefore, how much interest you’ll owe over the life of the loan.

Best Mortgage Refinance Lenders of 2023

Find the best Mortgage Refinance Lenders for your needs.

Frequently Asked Questions (FAQs)

Why should I refinance to a 15-year mortgage?

If you currently have a 20- or 30-year loan and want to shorten your repayment term, refinancing to a 15-year mortgage could be a good option to save money on interest. Additionally, lenders typically offer lower rates on loans with shorter terms, meaning you could reduce your overall interest costs even more.

Just remember that if you shorten your term, your monthly payments will increase—so be sure to check if a higher payment will comfortably fit into your budget.

Who has the best 15-year refinance rates?

Since mortgage rates change daily, the lender with the best rates depends on the given day. To find the most optimal rate, it’s wise to check your rates with as many lenders as possible. Also consider local banks and credit unions in your area.

How many years do biweekly payments save on a 15-year mortgage?

Mortgages require a monthly payment, but if you want to pay off your loan faster, making biweekly payments could be a good option. This means you’ll pay half of the principal and interest that’s due on your loan every two weeks, which evens out to 13 payments in a year instead of 12.

How many years biweekly payments could save you on a 15-year mortgage will depend on your individual loan terms, but generally speaking, you can expect to reduce your repayment time by a few years.

Keep in mind that not all lenders accept biweekly payments, and even if they do, some charge prepayment penalties. You can check your mortgage closing disclosure or reach out to your lender directly to see if partial payments are allowed and whether any fees are involved.

When is the best time to refinance into a 15-year mortgage?

The best time to refinance into a 15-year mortgage will vary from person to person depending on individual circumstances. Some examples of when to consider a 15-year mortgage refinance include if you:

  • Can get a lower rate compared to your current mortgage rate
  • Need to tap into your home equity for home repairs or consolidating debt
  • Want to remove mortgage insurance premiums
  • Want to switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage
  • Are nearing retirement and want to have your mortgage paid off beforehand

Are 15-year mortgage refinance rates lower than 30-year mortgage rates?

Yes, 15-year refinance rates are typically lower than 30-year mortgage rates.

However, if you are refinancing to shorten the amount of time to pay off your current mortgage, your monthly payments will be higher since you’re consolidating the loan balance in a shorter timeframe. You will also be paying interest based on that amount.

What is a good 15-year refinance rate?

A good interest rate is the lowest rate you can get with reasonable fees. This will depend on current market conditions as well as your individual financial profile. It’s usually best to compare annual percentage rates (APRs) in addition to the interest rate as an APR gives you both the interest rate and associated fees of a loan.

To have an easier time locking in a good rate, remember to shop around and compare your options from as many lenders as possible.


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