Rates

15-Year Fixed Mortgage Rate Today: 6.21%

Track current 15-Year Fixed Mortgage Rate and find the lowest available rate for your situation.

15-Year Fixed Mortgage Rate — Current Rates

6.21%
6.33%
6.18%
+0.03%
6.44%
5.76%–7.03%

Current 15-Year Fixed Mortgage Rate rates are averaging 6.21% as of December 2024, according to the Freddie Mac Primary Mortgage Market Survey.

What Moves 15-Year Fixed Rates Specifically

The 15-year fixed rate is priced off a shorter point on the yield curve — closer to the 7-year Treasury than the 10-year — and carries less duration risk for lenders than the 30-year, which is the primary driver of its persistent rate discount.

  • Yield curve shape: When the curve is inverted (short rates above long rates, as seen periodically since 2022), the 15-year/30-year spread compresses; when the curve normalizes, the spread typically widens back toward 0.5-0.75%
  • Prepayment speed assumptions: 15-year loans prepay (via sale or refinance) less frequently than 30-year loans, which changes how MBS investors value them and can affect pricing independent of the base rate environment
  • Borrower profile: 15-year borrowers statistically default less often (higher income, more equity cushion by design), which some lenders reflect in slightly better pricing beyond just the term-based rate discount

Rate Context

The 50-year average for 30-year fixed rates is approximately 7.7% (Freddie Mac data). Today's rates, while elevated compared to the 2020–2021 pandemic lows (which touched 2.65%), are near or below the long-term historical average. Buyers waiting for 3–4% rates again may wait a very long time.

Frequently Asked Questions

No — the discount varies meaningfully by lender, typically ranging from 0.4% to 0.8% below their own 30-year offering. Credit unions and smaller community banks sometimes offer a wider 15-year discount than large national lenders because 15-year loans fit their balance-sheet duration preferences better.

Not directly — you would need to refinance into a new 15-year loan, which involves new closing costs and full underwriting. An alternative that captures much of the benefit without refinancing: keep your 30-year loan but voluntarily pay extra principal equivalent to a 15-year payment, which shortens your effective payoff timeline without the rate/term commitment.

15-year ARMs exist but are uncommon — the rate savings versus a 15-year fixed are typically minimal (0.1-0.2%) because the loan term is already short enough that adjustable-rate risk provides little pricing benefit to the lender. Most borrowers choosing a 15-year term prioritize payment certainty and select fixed.