Find National and your State’s average 15 year fixed mortgage rates by credit score. You’ll pay more each month but save tens of thousands in interest and own your home outright 15 years sooner.
15-Year Fixed Rates by State –
15-year loans typically offer rates 0.25% to 0.75% lower than 30-year loans because lenders see them as less risky. Click on a state to see all its rates for all loan products.
| 15-year Fixed rates | Credit Score | ||
|---|---|---|---|
| 720 - 850 | 690 - 719 | 620 - 689 | |
| Credit Unions | 5.36% | 5.40% | 5.56% |
| Online lenders | 5.46% | 5.51% | 5.66% |
| Banks | 5.76% | 5.81% | 5.86% |
| Alabama | 5.79% | 5.84% | 5.89% |
| Alaska | 6.09% | 6.14% | 6.19% |
| Arizona | 5.69% | 5.74% | 5.79% |
| Arkansas | 5.72% | 5.77% | 5.82% |
| California | 5.67% | 5.72% | 5.77% |
| Colorado | 5.80% | 5.85% | 5.90% |
| Connecticut | 5.77% | 5.82% | 5.87% |
| Delaware | 5.81% | 5.86% | 5.91% |
| Florida | 5.66% | 5.71% | 5.76% |
| Georgia | 5.61% | 5.66% | 5.71% |
| Hawaii | 5.88% | 5.93% | 5.98% |
| Idaho | 6.05% | 6.10% | 6.15% |
| Illinois | 5.87% | 5.92% | 5.97% |
| Indiana | 5.90% | 5.94% | 6.00% |
| Iowa | 5.90% | 5.94% | 6.00% |
| Kansas | 5.77% | 5.82% | 5.87% |
| Kentucky | 6.01% | 6.06% | 6.11% |
| Louisiana | 5.83% | 5.88% | 5.93% |
| Maine | 5.99% | 6.04% | 6.09% |
| Maryland | 5.77% | 5.82% | 5.87% |
| Massachusetts | 5.88% | 5.93% | 5.98% |
| Michigan | 5.82% | 5.87% | 5.92% |
| Minnesota | 5.96% | 6.01% | 6.06% |
| Mississippi | 5.85% | 5.90% | 5.95% |
| Missouri | 5.80% | 5.85% | 5.90% |
| Montana | 5.71% | 5.76% | 5.81% |
| Nebraska | 5.74% | 5.79% | 5.84% |
| Nevada | 5.69% | 5.74% | 5.79% |
| New Hampshire | 5.91% | 5.96% | 6.01% |
| New Jersey | 5.83% | 5.88% | 5.93% |
| New Mexico | 5.91% | 5.96% | 6.01% |
| New York | 5.74% | 5.79% | 5.84% |
| North Carolina | 5.63% | 5.68% | 5.73% |
| North Dakota | 6.05% | 6.10% | 6.15% |
| Ohio | 5.81% | 5.86% | 5.91% |
| Oklahoma | 6.02% | 6.06% | 6.12% |
| Oregon | 5.94% | 5.99% | 6.04% |
| Pennsylvania | 5.71% | 5.76% | 5.81% |
| Rhode Island | 5.98% | 6.03% | 6.08% |
| South Carolina | 5.88% | 5.93% | 5.98% |
| South Dakota | 6.02% | 6.06% | 6.12% |
| Tennessee | 5.87% | 5.92% | 5.97% |
| Texas | 5.72% | 5.77% | 5.82% |
| Utah | 5.79% | 5.84% | 5.89% |
| Vermont | 5.94% | 5.99% | 6.04% |
| Virginia | 5.67% | 5.72% | 5.77% |
| Washington | 5.83% | 5.88% | 5.93% |
| West Virginia | 5.87% | 5.92% | 5.97% |
| Wisconsin | 5.83% | 5.88% | 5.93% |
| Wyoming | 5.92% | 5.97% | 6.02% |
| Other Terms - National Rates | |||
| 30-year Fixed | 6.26% | 6.31% | 6.36% |
| 30-year Fixed FHA | 6.10% | 6.15% | 6.20% |
| 30-year Fixed VA | 5.84% | 5.89% | 5.94% |
| 30-Year Fixed Jumbo | 6.49% | 6.87% | 7.06% |
| 20-year Fixed | 6.01% | 6.06% | 6.11% |
| 10-year Fixed | 5.69% | 5.74% | 5.79% |
| 3-year ARM | 7.44% | 7.50% | 7.55% |
| 5-year ARM | 6.38% | 6.43% | 6.48% |
| 7-year ARM | 6.32% | 6.37% | 6.42% |
| 10-year ARM | 6.23% | 6.29% | 6.34% |
Source: MFP’s Community Home Purchase Rates Survey from the last 30 days.
Community Home Loan Lenders Recommendations
Find which home loan lenders are most recommended in your state and area. Thousands of homeowners in your state and area provide their feedback on their home lender. See which one could help purchase your new home on a better fixed rates and more easily.
What is a 15-Year Fixed Purchase?
A 15-year fixed purchase loan is a mortgage you use to buy a home that you’ll pay off in exactly 15 years. Your interest rate stays the same for the entire loan term.
How It Works
You borrow money to buy a house and make monthly payments for 180 months (15 years). Each payment includes principal and interest. Your rate never changes, so your payment stays the same every month.
Unlike adjustable-rate mortgages, you know exactly what you’ll pay each month for the entire 15 years. This makes budgeting predictable and protects you from rising interest rates.
Main Differences from 30-Year Purchase
Loan Length:
- 15-year: 180 monthly payments
- 30-year: 360 monthly payments
Monthly Payment:
- 15-year loans have higher monthly payments
- Typical increase of 40-60% compared to 30-year loans
- You’re paying off the same amount in half the time
Interest Rates:
- 15-year loans offer lower rates (usually 0.25-0.75% less than 30-year)
- Lenders prefer shorter loans because they’re less risky
Payment and Interest Savings
Here’s how a $400,000 home purchase compares with $80,000 down payment ($320,000 loan):
30-Year Fixed at 7.0%:
- Monthly payment: $2,128
- Total interest paid: $446,080
- Total cost: $766,080
15-Year Fixed at 6.5%:
- Monthly payment: $2,788
- Total interest paid: $181,840
- Total cost: $501,840
Your Savings:
- Higher monthly payment: $660 more per month
- Interest savings: $264,240 less over loan life
- Own your home 15 years sooner
MFP Tip: Use online calculators with your specific purchase price and down payment to see exact payment differences and savings.
Pros and Cons of 15-Year Purchase
Benefits
Save Massive Amounts on Interest: You’ll typically save $200,000+ in total interest compared to a 30-year loan on the same purchase.
Build Equity Lightning Fast: More of each payment goes to principal from day one. After 5 years, you’ll own a much bigger chunk of your home.
Own Your Home Sooner: You’ll have your mortgage paid off 15 years earlier, freeing up that monthly payment for retirement savings or other goals.
Get Better Interest Rates: Lenders offer lower rates on 15-year loans, saving you money from the start.
Forced Savings Plan: Higher principal payments act like automatic savings, building wealth through home equity.
Cons
Much Higher Monthly Payments: Your monthly payment will be 40-60% higher than a 30-year loan, which can strain your budget.
Less Money for Other Things: The higher payment leaves less cash for investments, emergency savings, or daily expenses.
Harder to Qualify: Lenders use stricter debt-to-income standards because of the higher monthly payment.
Less Flexibility: If your income drops or you face unexpected expenses, that high payment becomes harder to manage.
Opportunity Cost: The extra money going to your mortgage can’t be invested elsewhere for potentially higher returns.
When to Get a 15-Year Fixed Purchase Loan
Income and Stability
You Have Strong, Stable Income: Your job is secure and your income is high enough that the payment won’t stress your budget.
Your Debt-to-Income Ratio is Low: After the mortgage payment, your total monthly debts should stay under 43% of your gross income.
You Have Emergency Savings: Keep 3-6 months of expenses saved even after your down payment and closing costs.
Dual-Income Households: Two steady incomes make the higher payment more manageable and provide backup if one income is lost.
Timing
You’re in Your Peak Earning Years: Mid-career professionals who expect their income to stay stable or grow.
Interest Rates Are Reasonable: When 15-year rates are attractive, the combination of lower rates and faster payoff maximizes savings.
You Plan to Stay Long-Term: 15-year loans work best when you plan to live in the home for most or all of the loan term.
Your Financial Goals
You Want to Be Mortgage-Free Sooner: Planning to retire early or want your home paid off before retirement.
Building Equity is Your Priority: You view your home as a forced savings plan and want to build wealth through real estate.
You Hate Debt: Some people sleep better knowing they’ll be debt-free faster, even if it costs more monthly.
You Can Afford It Comfortably: The payment shouldn’t require sacrificing other important financial goals like retirement savings.
MFP Tip: A good rule of thumb: if the 15-year payment is more than 28% of your gross monthly income, consider a 30-year loan instead.
How to Qualify for 15-Year Fixed Purchase
Main Qualification Requirements
Credit Score:
- 740+ for the best rates and easiest approval
- 680+ for good rates with most lenders
- 620+ minimum for conventional loans
- Higher scores become more important with 15-year loans
Debt-to-Income Ratio:
- Maximum 43% including the new mortgage payment
- 36% or lower preferred for best approval odds
- Lenders are stricter with 15-year loans due to higher payments
- Include all monthly debts: credit cards, car loans, student loans
Down Payment:
- 20% down avoids private mortgage insurance (PMI)
- 10-19% down requires PMI but still doable
- 3% minimum for conventional loans (though uncommon with 15-year)
- Larger down payments help with qualification
Employment History:
- Two years of steady employment in same field
- W-2 employees need recent pay stubs and tax returns
- Self-employed need two years of tax returns and profit/loss statements
- Job gaps or career changes can complicate approval
Cash Reserves:
- Money for down payment and closing costs
- 2-6 months of mortgage payments in savings after closing
- Higher reserves help offset the higher monthly payment risk
Property Requirements:
- Home appraisal must support the purchase price
- Property must meet lender condition standards
- Homeowner’s insurance required
MFP Tip: Get pre-approved before house hunting. The higher payment requirements mean you might qualify for less house than you think.
15-Year Fixed Purchase FAQs
Can I Put Down Less Than 20% on a 15-Year Loan?
Yes, but it’s less common. Most people choosing 15-year loans put down 20% or more to avoid PMI and get better rates.
If you put down less than 20%, you’ll pay PMI until you reach 20% equity. With a 15-year loan, you’ll hit that equity target much faster than with a 30-year loan.
Should I Choose 15-Year or Just Pay Extra on a 30-Year?
15-year loans are better if you want:
- Lower interest rates (typically 0.25-0.75% less)
- Forced discipline to make higher payments
- Guaranteed payoff in 15 years
30-year with extra payments is better if you want:
- Flexibility to skip extra payments during tight months
- Lower required monthly payment
- Option to invest extra money instead
What If I Can’t Afford the Payments Later?
You have several options:
- Refinance to a 30-year loan to lower payments
- Sell the home if needed
- Rent out rooms for extra income
- Request loan modification if facing hardship
This is why emergency savings and stable income are crucial before choosing a 15-year loan.
How Much House Can I Afford with a 15-Year Loan?
Generally 20-30% less than with a 30-year loan due to the higher monthly payments.
If you qualify for a $400,000 home with a 30-year loan, you might only qualify for a $280,000 to $320,000 home with a 15-year loan at the same interest rate.
Are There Special Programs for 15-Year Purchase Loans?
Most first-time buyer programs work with 15-year loans:
- Conventional 97% financing (3% down)
- FHA loans (3.5% down)
- VA loans for veterans (0% down)
- USDA rural loans (0% down)
However, the higher payments make qualification harder, so fewer people use these programs with 15-year loans.
MFP Tip: Talk to multiple lenders. Some specialize in 15-year loans and may offer better rates or more flexible qualification standards.
More Home Loan Information:
Most Recommended Home Purchase Lenders
30 Year Fixed Home Purchase Rates
More Resources for Homeowners.