Today’s 15-year mortgage rates in March 2023
Today’s 15-year mortgage rates in March 2023

Today’s 15-year mortgage rates in March 2023

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Understanding how mortgages work is an art form in itself. Therefore, our group of financial experts is here to help you wade through all the complexities of mortgages. Take a look at our review of 15 year mortgage rates and more.

To begin with, we must ask: what are 15-year mortgages? Well, as the name suggests, it is a loan that a borrower pays off to the lender over 15 years. The interest rate on the principal amount remains fixed for the duration of the loan.

The reason why 15 year fixed mortgage rates is so popular as a mortgage option is because of their cost. It is a much cheaper choice from the selection of mortgage options you would get on the market. In addition, 15-year mortgage rates today offer much lower interest numbers. As a result, you would also pay lesser interest in the overall payments scheme.

If you are looking for mortgages to refinance your loan mortgage of 30 years, 15 year mortgage rates offer a better refinance opportunity than another 30-year mortgage. A new 30-year mortgage will cost you much more than the current 15 year mortgage rates.

Apart from the lower cost of interest rates for a 15 year mortgage plan, there is an additional benefit. 15-year mortgages are the best option for those who wish to retire without the burden of mortgages. The interest rate is not as high as 10-year mortgages, nor are they as drawn-out as 30-year mortgages. But, of course, the rate of monthly payments is quite high for average 15 year mortgage rates, unlike longer payment plans like 30 or 20-year mortgages. However, if a borrower does not mind the cost of monthly payments, 15 year mortgage rates are the perfect option for them.

Let us take a look at the various aspects of 15-year mortgage rates today.

Mortgage rate trends

Mortgage rates are always on the change. Therefore, what rate you see today may not be the same fixed mortgage rates for a 15 year plan tomorrow. However, no matter how much they change, 15 year mortgage loan rates will have a much lower rate of interest than longer mortgage loans.

This type of mortgage will obviously have a much shorter period of paying back the amount than those lasting for 20 or 30 years. While it has its downsides, you may choose to approach 15 year mortgage rates vs. 15 year duration and see if you can pay it off.

If you take a look at a historical 15 year mortgage rates graph, you will see that this is the perfect time to withdraw a 15-year mortgage loan on your property. The rates have, with some consistency, remained on the lower side. If you are a decade or two shy of entering your retirement age, this type of mortgage offers you the best of long-term as well as short-term loans. In addition, you can pay off a 15-year mortgage quicker than longer-term models. On the other hand, the interest rate is not high as a 5-year or 10- year model for monthly payments. Now that is a win-win situation.

You can take a look at the advantages and disadvantages of interest rates for a 15 year mortgage plan that we have discussed further in the guide.

Current mortgage and refinance rates

Forbes states that as of April 22nd, the current 15 year refinance mortgage rates stand at an interest rate of 4.54%. The APR is at 4.58% on the monthly principal, and the interest amount is set at $768.

What is today's 15-year fixed mortgage rate?

Today's 15 year fixed mortgage rates stand at 5.1%. The rate decreased by 0.104 percentage points from April 22nd. The rate sees an increase by 0.973 percentage points from last month.

How do I find current 15-year mortgage rates?

You can take a look at the updates Forbes puts out every day for current 15 year mortgage rates. You can also crunch the numbers on special mortgage calculators online.

How do I compare current 15-year fixed mortgage rates?

You should always compare 15 year fixed mortgage rates to find the best way to save money on your loan. If you choose the right 15-year mortgage rates today, you can save thousands of dollars.

How do I find personalized 15-year mortgage rates?

You have multiple options if you want a customized rate for a tentative 15-year mortgage. You can either contact a financial institution like a bank or a moneylender. Or you can visit the following websites for a tailored rate:

  • Zillow
  • MtgPros
  • NerdWallet

What is a good 15-year fixed mortgage rate?

Mortgage ranges are constantly moving, just like the rates and the economy. A good 15-year mortgage rate in 2022 would be a favorable low-3%. Keep an eye on the 15-year mortgage rates chart daily for a better idea.

Do 15-year fixed loans have better mortgage rates?

15 year fixed mortgage rates cost less and more depending on how you look at it. While they cost much less than 30-year mortgages, the interest rates are pretty high. You won't have much opportunity to save some money.

Pros and cons of a 15-year fixed mortgage

Now that you have a better idea about 15-year mortgages and how they work, let us look at their benefits and drawbacks. You must consider a few things when looking for lender or bank rates for 15 year mortgage plans. Our team of specialists has compiled a list of pros and cons of the average 15 year mortgage rates that you can use when deciding on a mortgage term:

Advantages of 15-Year Mortgages:

  • Lower Interest Rates: The reason why 15-year mortgages are much more favorable than mortgages that go on for a longer period is because of the lower interest rates. Interest rates can make all the difference on how much you end up paying back, along with your principal mortgage amount. If you want to avoid the high-interest charges, today's 15 year fixed mortgage rates are perfect for your requirements.
  • Great for Those Who Will Retire Soon: If you are on the cusp of retirement, a 15-year mortgage will help you more than other mortgage rates. Instead of dipping into your retirement nest, you can pay off the mortgage as you work. By the time you retire, you will pay off the loan and retire without the burden of mortgages.
  • Quicker Payments: You may spot a major advantage if you keep an eye on the 15 year mortgage rates chart daily. You will see that the 1521 plan offers a clean-cut payment that does not drag on for years. Besides the other benefits, 15 years offers the borrower the perfect period to quickly pay off their debt at a lower interest rate.
  • Build Greater Equity: If you are eager to have ownership of the house you live in, 15-year mortgages are the perfect place to start. The period of payment helps you acquire equity on your home much before 20 or 30-year mortgage terms. If you choose the most affordable or cheapest 15 year mortgage rates, you can easily acquire your home in half the time it would take you in a 30-mortgage duration.
  • Less Number of Payments: Are you looking into fixed mortgage rates over 15 years to pay it off in a shorter number of payments? You are already on the right track if you choose a 15-year mortgage. Unlike the 360 payments you would make on a conventional 30-year mortgage, 15-year mortgages allow you to pay the sum off in 180 payments.

Disadvantages of 15-Year Mortgages:

  • Much Higher Monthly Payments: Unlike 20 or 30-year mortgages, the interest rates on a 15 year mortgage are much higher. You may end up paying 55 times the interest you would pay on a long-term mortgage. You should choose such a short-term loan only if you can keep up with the pricey monthly payments.
  • Risk of Defaulting is Higher: Since the 15 year mortgage loan rates are so high, it may cause borrowers to default on a few payments. If you do not have a large stack of money at the time of payment each month, defaulting may be the result. Even the cheapest 15 year mortgage rates can be unbearably expensive, so make sure you decide based on affordability.
  • Inability to Create Adequate Savings: In addition to high-interest rates, you will have to sacrifice any hope of keeping a sum of money as your savings. While you pay off the mortgage loan every month, saving any extra money becomes difficult. You may find that purchasing any extra property or item can cause a deficit that you will not be able to afford.

These are some of the benefits and drawbacks you must consider when choosing 15 year fixed mortgage rates. With more benefits than drawbacks, it is quite clear that 15-year mortgage loan is a good choice for financial relief. If you think you are capable of paying back the loan on time, there is no reason why you shouldn’t opt for it!

How are 15-year fixed mortgage rates set?

Have you been wondering who sets your 15 year mortgage rates? If you thought it was your lender, you'd be wrong. You receive a lump sum amount when you request a 15-year mortgage from a lender who approves. Your lender sells off the loan to secondary financial institutions and makes money on that amount so that they can move off to another borrower.

This way, your lender is not dependent on you to receive their money, and the secondary market can keep afloat on stable payments made over the years. Without such a secondary market, lenders would be much more reluctant to offer mortgages at all.

What’s the difference between interest rate and APR?

The difference between the interest rate and the APR is something that baffles many. However, you can easily decipher the distinction between the two. An interest rate on a loan is the amount you pay back on the principal sum to your lender. On the other hand, the APR, or annual percentage rate, is the amount of interest that your lender calculates every year against your loan amount.

Learn more about fixed-rate loans

If you are interested in learning more about fixed loans and the interest rate on fixed loans, you are in the right place. Our finance experts give the complete picture of the good, the bad, and the money-saving fabulous. As a result, making the right decision on the perfect mortgage loan rate is no longer an impossible request. With our guide, you can go above and beyond.

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Frequently Asked Questions

  • As you know, the price of 15 year mortgage loan rates is always fluctuating. If you take a look at a historical 15 year mortgage rates graph, you can see that the cost is forever moving up and down. Changes in percentages after the decimal point even take place daily. If you are looking for the lowest ever 15-year mortgage rate, Forbes reports that the average rate 15-year loan was an astounding 2.58% on July 16th, 2020.
  • To see if a 15-year mortgage is worth it, you must examine your requirements. If you can afford the amount of money you need to pay off every month for the next 15 years, you're good to go. As you can see, there are multiple advantages when it comes to withdrawing 15-year mortgages on your property. However, you have to weigh the pros and cons and view a 15 year mortgage rates history graph to see if it is worthwhile for you.