15-Year Fixed Rate: Full History (1991 - 2026)
Freddie Mac began tracking 15-year rates in September 1991. Drag the brush bar to zoom into any period.
About the 15-Year Fixed Rate
The 15-year fixed-rate mortgage is the fastest path to full homeownership among conventional loan products. With a repayment term half that of the standard 30-year loan, borrowers build equity at an accelerated pace and pay dramatically less in total interest over the life of the loan.
Lenders typically offer 15-year mortgages at a lower interest rate than 30-year loans -- often 0.5% to 0.75% less -- because the shorter repayment window reduces the lender's risk exposure. This rate advantage, combined with fewer interest-accruing months, can save borrowers tens of thousands of dollars in total cost.
The trade-off is a higher monthly payment. Because the principal must be repaid in 15 years instead of 30, monthly payments are roughly 40-50% higher. This makes the 15-year fixed best suited for borrowers with strong, stable income who prioritize long-term savings over short-term cash flow.
30-Year vs 15-Year Comparison
Based on a $400,000 loan amount at current rates.
| Metric | 30-Year Fixed | 15-Year Fixed |
|---|---|---|
| Current Rate | 6.1% | 5.49% |
| Monthly Payment | $2,424 | $3,266 |
| Total Interest Paid | $472,632 | $187,918 |
| Interest Savings | -- | $284,714 saved |
| Best Suited For | Stability seekers, lower monthly budget | Equity builders, long-term savers |
Factors That Affect 15-Year Rates
Federal Reserve Policy
Fed rate decisions ripple through the entire yield curve. Short-term rate changes influence longer-term borrowing costs, including 15-year mortgage rates.
Inflation & CPI Data
Because 15-year loans have a shorter horizon, they are somewhat less sensitive to long-term inflation expectations than 30-year mortgages, which is one reason 15-year rates tend to be lower.
Employment Reports
Jobs data drives economic growth expectations. Strong hiring can push rates higher, while rising unemployment tends to bring rates down.
Bond Market (5- and 10-Year Treasury)
The 15-year mortgage rate correlates closely with intermediate Treasury yields. When bond prices rise and yields fall, 15-year rates typically decline.
Housing Market Supply
Tight inventory and strong buyer demand support higher rates, while a cooler market can create favorable rate conditions for borrowers.
Global Economic Events
International crises often drive investors to the safety of U.S. bonds, pushing yields -- and mortgage rates -- lower. Trade disruptions and geopolitical risk are key factors.
When to Lock Your 15-Year Rate
Just like 30-year rates, 15-year fixed rates move daily based on economic data and bond market activity. Because the 15-year rate is already lower than the 30-year, even small movements can significantly impact your total interest savings over the life of the loan.
Rate locks for 15-year mortgages typically range from 30 to 60 days. If you are refinancing from a 30-year to a 15-year, the process is often faster, so a shorter lock period may suffice.
Rate Lock Tip
If you can comfortably handle the higher monthly payment, locking a 15-year rate gives you the best combination of rate and total cost savings. For a full breakdown, see our Rate Lock Guide.
Historical Highlights
15-Year Fixed Rate FAQs
A 15-year fixed mortgage is a home loan with an interest rate that remains constant for a 15-year repayment period. You pay off the loan in half the time of a 30-year mortgage, building equity much faster while paying significantly less total interest.
The current average 15-year fixed mortgage rate is updated weekly via the Freddie Mac Primary Mortgage Market Survey. See the rate snapshot at the top of this page for the latest figure and week-over-week change.
On a $400,000 loan, a 15-year mortgage at a lower rate can save you over $150,000 in total interest compared to a 30-year mortgage. The exact savings depend on the rate spread between the two products at the time you lock.
A 15-year fixed is ideal for borrowers who can comfortably afford the higher monthly payment, want to build equity quickly, plan to stay in the home long term, or are refinancing and want to be mortgage-free sooner.
Freddie Mac began tracking 15-year fixed mortgage rates in its Primary Mortgage Market Survey in September 1991. Before that date, only 30-year fixed rate data is available in the historical record.
Yes, refinancing from a 30-year to a 15-year mortgage is a common strategy, especially when rates are low. This can save you a significant amount in interest and help you pay off your home faster, though your monthly payment will increase.
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