Thinking about refinancing your mortgage? You're in the right place. Many homeowners are looking for ways to save money, and a 15-year mortgage refinance could be a good option. It means paying off your home faster and usually with a lower interest rate. But not everyone can swing the higher monthly payments. We'll break down what you need to know to find the best 15 year mortgage refinance rates available right now.

Key Takeaways

• As of December 14, 2025, the national average 15-year fixed refinance rate is 6.00%, a slight decrease from the previous week.
• Comparing offers from multiple lenders is vital to securing the best 15 year mortgage refinance rates and understanding the total loan cost (APR).
• A 15-year mortgage typically has a lower interest rate than a 30-year loan, leading to less total interest paid over time.
• The main drawback of a 15-year refinance is the higher monthly payment compared to a 30-year loan, which requires careful budget consideration.
• Refinancing into a 15-year loan makes the most sense when current rates are significantly lower than your existing mortgage rate, and you can comfortably afford the increased monthly payments.

Today's National 15-Year Mortgage Rate Trends

As of Sunday, December 14, 2025, the national average rate for a 15-year fixed mortgage is hovering around 5.63%. This is a slight tick up from last week's average of 5.62%. When it comes to refinancing, the average 15-year fixed refinance rate is currently sitting at 6.00%, which is actually a bit lower than last week's 6.06%.

Generally speaking, 15-year mortgage rates tend to be lower than their 30-year counterparts. While mortgage costs have mostly leveled out recently, there's a chance they could dip a little more as we move into the new year.

Here's a quick look at how things are shaping up:

• 15-Year Fixed Mortgage Rate (Purchase): 5.63% (up from 5.62% last week)
• 15-Year Fixed Refinance Rate: 6.00% (down from 6.06% last week)

It's always a good idea to compare offers from a few different lenders, even if you think you've found a good rate. You might be surprised at the differences you find in rates, fees (often reflected in the APR), and the overall customer service experience.

Remember, even a small difference in interest rate can add up to thousands of dollars saved over the life of your loan. Don't just settle for the first offer you get; take the time to shop around and find the best deal for your situation. This is especially true when refinancing, as you're looking to improve your current loan terms.

While rates have stabilized, they are still subject to daily and weekly fluctuations. Keeping an eye on these trends can help you decide the best time to lock in a rate for your refinance.

Current 15-Year Mortgage Rate Trends

So, what's the deal with 15-year mortgage rates right now? As of December 14, 2025, the average rate for a 15-year fixed mortgage is sitting around 5.63%. That's a tiny tick up from last week, but honestly, it's pretty stable. When we look specifically at refinancing into a 15-year loan, the average rate is currently at 6.00%, which is actually a bit lower than where it was a week ago. It's good news if you're thinking about refinancing.

Generally, these shorter-term loans come with lower interest rates compared to their 30-year cousins. Think of it like this:

• 15-Year Fixed Rate: Around 5.63% (for purchases)
• 30-Year Fixed Rate: Typically higher, often around 6.29% or more.
• 15-Year Fixed Refinance Rate: Currently averaging about 6.00%.

While rates have pulled back a bit in late 2025, don't expect them to drop back to those super-low pandemic levels. If you're set on buying or refinancing, it might be worth acting sooner rather than later.

The main trade-off with a 15-year mortgage is the higher monthly payment. You're paying off the loan faster, which means more of your payment goes towards the principal each month. This can be a good thing for your long-term savings, but you need to make sure it fits your current budget.

It's always a smart move to compare offers from a few different lenders. You might be surprised at how much the rates and fees can vary. Sometimes, you can find rates that are significantly lower than the national average, which can save you a bundle over the life of the loan.

Why Compare 15-Year Refinance Rates Today

So, you're thinking about refinancing your mortgage into a 15-year loan. Smart move! But before you jump in, taking a moment to compare rates is a really good idea. It might seem like a small thing, but those differences in interest rates can add up to a lot of money over the life of your loan.

Think about it this way: even a small dip in the interest rate can mean significant savings. For example, if you're looking at a $300,000 loan, a quarter-percent difference might not sound like much, but it could save you thousands over 15 years.

Here's a quick look at how rates can stack up:

As you can see, the 15-year loan generally comes with a lower rate than its 30-year counterpart. That's a big perk! But it's not just about the rate itself. You'll want to check out:

• Annual Percentage Rate (APR): This gives you a more complete picture, including some of the fees associated with the loan.
• Closing Costs: Different lenders have different fees. Some might have lower upfront costs, which can make a difference.
• Lender Fees: Always ask about any other charges the lender might have.

Comparing rates from different places – like online lenders, big banks, and credit unions – is how you find the best deal. Don't just stick with your current bank without checking what else is out there. You might be surprised at how much you can save.

Shopping around isn't just about getting the lowest advertised rate. It's about understanding all the costs and terms to make sure the loan fits your financial situation best. A little effort now can lead to big savings down the road.

Plus, the market changes daily. What looks like a good rate today might be even better tomorrow, or a competitor might offer a deal you can't pass up. Staying informed and comparing options means you're in the best position to lock in savings and make your refinance work for you.

How to Compare Current 15-Year Mortgage Rates

So, you're thinking about refinancing into a 15-year mortgage. Smart move if you want to pay off your home faster and save on interest. But before you jump in, you've got to shop around for the best rates. It's not just about picking the first offer you see; that could cost you a lot of money over time.

Getting multiple quotes is the absolute best way to find a great deal. Think of it like comparing prices for anything else important – you wouldn't buy the first car you see, right? The same applies here. Rates can change daily, and different lenders have different ways of looking at your financial picture.

Here’s a breakdown of how to do it right:

• Get Preapproved: Before you even start seriously looking at offers, get preapproved by a few lenders. This usually involves giving them details about your income, debts, and credit history. It's best to do this with at least three lenders, ideally on the same day. Why the same day? Because rates fluctuate, and getting quotes close together gives you a more accurate comparison.
• Compare the Numbers: Look closely at both the interest rate and the Annual Percentage Rate (APR). The interest rate is what you pay to borrow money. The APR, however, gives you a fuller picture because it includes the interest rate plus certain fees and costs associated with the loan, like origination fees or points. A lower APR generally means a cheaper loan overall.
• Check Lender Reputation: Don't just focus on the numbers. See what other people are saying about the lenders. Are they easy to work with? Do they respond quickly to questions? A smooth process can make a big difference, especially during a refinance.

It’s also a good idea to consider working with a mortgage broker. They can shop your application around to various lenders for you, potentially saving you time and effort. Remember, the national average for a 15-year fixed refinance rate is currently around 6.00%, but you might find offers significantly lower if you compare offers from multiple lenders.

When you're comparing offers, pay attention to all the details. Sometimes a slightly higher interest rate might be worth it if the lender has significantly lower fees or offers better customer service. It's about finding the best overall value for your specific situation.

Pros and Cons of a 15-Year Mortgage Refinance

Thinking about switching your mortgage to a 15-year term? It's a big decision, and like most things in life, there are good points and not-so-good points to consider. Let's break them down.

The Upside: Saving Money and Time

• Pay Less Interest Overall: This is a big one. Because you're paying off the loan faster and often get a lower interest rate compared to a 30-year loan, you'll save a significant amount on interest over the life of the loan. Imagine all that money you'll keep in your pocket!
• Build Equity Faster: With a 15-year mortgage, a larger chunk of your monthly payment goes toward the principal balance right from the start. This means you'll own more of your home, sooner. It's a great feeling to see that equity grow.
• Shorter Debt Period: Who wants to be paying a mortgage forever? A 15-year term means you'll be mortgage-free in half the time compared to a 30-year loan. That's 15 years of freedom!
• Potentially Lower Interest Rates: Lenders often offer better interest rates on shorter-term loans because there's less risk for them. So, you might snag a lower rate when you refinance.

The Downside: Higher Payments and Less Flexibility

• Higher Monthly Payments: This is the trade-off for paying off your loan faster. Your monthly mortgage payment will be noticeably higher than it would be on a 30-year loan. You really need to make sure your budget can handle it without causing stress.
• Less Financial Flexibility: Those higher payments mean less money available for other things. If you were hoping to use extra cash for investments, vacations, or unexpected expenses, a 15-year mortgage might make that tougher.
• Opportunity Cost: Sometimes, the money you put into extra mortgage payments could potentially earn you more if invested elsewhere. It's a balancing act between paying down debt and growing wealth.

Refinancing to a 15-year mortgage is a smart move if you can comfortably afford the higher monthly payments and your main goal is to pay off your home quickly and save on interest. However, if your priority is the lowest possible monthly payment or you need more flexibility in your budget, a longer term might be a better fit. Always run the numbers to see what makes sense for your specific situation.

Here's a quick look at how the payment and total interest can differ:

(Note: These are hypothetical figures for a $300,000 loan at a 6% interest rate. Actual amounts will vary based on your specific rate, loan amount, and fees.)

Should You Get a 15-Year Mortgage?

Deciding whether a 15-year mortgage is the right move for you really boils down to a couple of big questions. First off, can you actually swing the higher monthly payments that come with a shorter loan term? For a lot of folks, even their current 30-year payment is a stretch, so if that sounds like you, sticking with a longer term might be the smarter play, even if you don't plan on being in the house for the full 30 years. It's all about what fits your budget without causing too much stress.

Then there's the whole comfort level with debt. If you're someone who likes to get rid of financial obligations quickly and you're eager to be mortgage-free sooner rather than later, a 15-year loan is definitely worth looking into. You'll pay less interest overall and build equity much faster. On the flip side, if you're comfortable using debt as a financial tool and want more flexibility in your monthly budget to potentially invest elsewhere, a longer term might still be appealing. It's a personal finance puzzle, and there's no single right answer for everyone.

Here’s a quick rundown to help you think it through:

• Build Equity Faster: You'll own more of your home sooner, which can be great if you plan to move or need to borrow against your home later.
• Save on Interest: Generally, 15-year loans have lower interest rates, meaning you'll pay less interest over the life of the loan compared to a 30-year option.
• Higher Monthly Payments: This is the big one. Shorter term means bigger chunks of money due each month.
• Opportunity Cost: Money spent on higher mortgage payments is money that could potentially be invested elsewhere, possibly earning a better return.

Refinancing into a 15-year mortgage can be a fantastic way to pay off your home faster and save a significant amount on interest. However, it's crucial to ensure the higher monthly payments fit comfortably within your budget. If you're looking to accelerate your homeownership journey and have the financial capacity, it's a strong contender. Otherwise, a longer term might offer more breathing room. Comparing rates is key, and you can start by looking at current 15-year mortgage rates.

Think about your income stability too. If you've had a raise recently or expect your income to remain steady for the next 15 years, taking on that higher payment might be perfectly manageable. It's about aligning your loan choice with your long-term financial picture and personal preferences.

How to Refinance Into a 15-Year Loan

So, you're thinking about switching to a 15-year mortgage. That's a big step, and it's smart to figure out the process. It's not just about picking a new loan; it's about making sure it fits your life and your wallet.

First off, you'll need to shop around. Just like when you first bought your home, you don't want to go with the first lender you talk to. Compare rates from different banks and credit unions. Look at the interest rate, the Annual Percentage Rate (APR), and any fees involved. Remember, the APR gives you a more complete picture of the loan's cost.

Here’s a general idea of what you'll need to do:

• Check Your Credit: Lenders will pull your credit report. A higher score usually means better rates. If yours isn't where you want it, try to improve it before you apply.
• Gather Your Documents: You'll need proof of income (like pay stubs and tax returns), bank statements, and details about your current mortgage.
• Get Pre-Approved: This helps you know how much you can borrow and locks in a rate for a short period.
• Formal Application: Once you choose a lender, you'll fill out the full application.
• Appraisal: The lender will likely order an appraisal to determine your home's current value.
• Underwriting: This is where the lender reviews all your information to make a final decision.
• Closing: If approved, you'll sign the final paperwork and the new loan will be official.

It's important to remember that refinancing involves closing costs, just like your original mortgage. These can include appraisal fees, title insurance, and lender fees. Make sure the savings you expect from the 15-year term outweigh these upfront expenses.

Think about your income and expenses. A 15-year loan means higher monthly payments than a 30-year loan. Can you comfortably afford that increase without stretching yourself too thin? It's a trade-off: you pay more each month, but you pay off your home much faster and save a lot on interest over the life of the loan. If your income is steady or has increased since you got your current mortgage, this could be a great move. But if your budget is already tight, or you anticipate financial changes, a 15-year refinance might not be the best fit right now.

15-Year Mortgage Refinance FAQs

Thinking about refinancing your mortgage into a 15-year term? It's a smart move for many, but you probably have some questions. Let's clear a few things up.

What exactly is a 15-year refinance?

Basically, it's swapping your current home loan for a new one that you'll pay off over 15 years. The big draw here is usually saving money, either by getting a lower interest rate, cutting down the loan term, or both. Keep in mind, though, that the monthly payments on a 15-year loan are typically higher than what you'd see with a 30-year loan. It's a trade-off: higher payments now for less interest paid over time and a faster path to being mortgage-free.

Here are some common reasons people consider this type of refinance:

• You want to pay off your home much faster.
• You can comfortably afford a higher monthly payment.
• You're looking to secure a lower, fixed interest rate.
• You want to tap into your home's equity.

When does it make sense to refinance into a 15-year loan?

This kind of refinance really shines when the interest rates available today are significantly lower than your current mortgage rate. If you can make the jump to a 15-year loan without a massive jump in your monthly payment, it's often a good idea. Some folks find that after a few years on a 30-year loan, their income has increased, making the higher payments of a 15-year loan manageable. It's also a great option if you're tired of paying private mortgage insurance (PMI) on an FHA loan and want to get rid of it sooner. You can use a mortgage refinance calculator to get a better idea of how your payments might change.

Refinancing to a 15-year loan is most beneficial when current rates are considerably lower than your existing mortgage rate. If the increase in your monthly payment isn't too steep, it can be a financially sound decision. Otherwise, sticking with your 30-year loan and making extra principal payments might offer more flexibility.

What are the main benefits and drawbacks?

Do I need a good credit score to refinance?

Yes, generally lenders want to see a good credit score when you refinance. The better your score, the better your chances of getting approved and securing a lower interest rate. It's always a good idea to check your credit report before you start the refinance process. You can compare national average mortgage rates to see what's currently available.

Mortgage Refinance Calculator

Thinking about refinancing your 15-year mortgage? A mortgage refinance calculator is a super handy tool to figure out if it makes sense for your wallet. It helps you crunch the numbers to see how much you could save, or if the costs involved will eat up any potential benefits.

Basically, you plug in some details about your current mortgage and the new loan you're considering. The calculator then shows you things like your new monthly payment, how much interest you'll pay over the life of the loan, and how long it will take to break even on the closing costs. It's all about making an informed decision before you commit.

Here’s what you’ll typically need to input:

• Current Loan Balance: How much you still owe on your existing mortgage.
• Current Interest Rate: The rate on your present loan.
• New Loan Term: How many years the new mortgage will last (e.g., 15 years).
• New Interest Rate: The rate you're hoping to get on the refinanced loan.
• Closing Costs: The total fees you'll pay to refinance (appraisal, title insurance, etc.).

Once you enter this information, the calculator can show you:

• New Monthly Payment: Your principal and interest payment with the new loan.
• Total Interest Paid: How much interest you'll pay over the new loan term.
• Break-Even Point: How many months or years it will take for your savings to cover the closing costs.
• Estimated Savings: The total amount of money you could save over the life of the loan.

Using a refinance calculator is a smart first step. It gives you a clear picture of the financial impact, helping you avoid surprises down the road. Don't just guess; use the tools available to make sure refinancing is the right move for you.

Understanding Mortgage Points

When you're looking at mortgage rates, you'll often see something called "points." It can be a bit confusing, but it's basically a way to pay extra upfront to lower your interest rate over the life of the loan. Think of it like buying a discount for your mortgage.

One point typically costs 1% of the loan amount. So, if you're borrowing $300,000 and the lender offers a point for 1%, that's $3,000 you'd pay at closing. In return, the lender might lower your interest rate by, say, 0.25%.

Here's a quick breakdown:

• Paying Points: You pay an upfront fee (usually 1% of the loan amount per point) at closing.
• Lower Interest Rate: In exchange, your interest rate is reduced.
• Reduced Monthly Payments: A lower interest rate means a smaller monthly payment.
• Long-Term Savings: Over the life of the loan, the savings from the lower rate can often outweigh the upfront cost of the points.

It's not always a clear-cut decision, though. You have to figure out how long you plan to stay in the home and keep the mortgage. If you move or refinance again before you recoup the cost of the points, you might not save money in the long run.

The decision to buy points depends on your financial situation and how long you expect to have the mortgage. It's a trade-off between paying more now for potential savings later. Always do the math to see if it makes sense for you.

Lenders might offer different numbers of points. Some might let you buy half a point, or even a quarter of a point. The more points you buy, the lower your rate might go, but the more you pay upfront. It's a balancing act.

For example, let's say you're looking at a 15-year mortgage:

Note: This table is illustrative. Actual rates and savings will vary.

Wrapping It Up

So, looking at 15-year mortgage refinance rates today means you're probably seeing numbers that are a bit better than last week, though not back to those super low pandemic rates. It's still a good idea to shop around, though. Comparing offers from different lenders, looking at the APR not just the interest rate, and even talking to a mortgage broker can really help you find a deal that saves you money. Remember, a 15-year loan means higher monthly payments, but you'll pay off your house faster and owe less interest overall. If that fits your budget and your comfort level with debt, it could be a smart move. Don't just stick with what you have; take a little time to see what's out there. You might be surprised at how much you can save.

Frequently Asked Questions

What exactly is a 15-year fixed-rate refinance mortgage?

Think of it like this: a 15-year fixed-rate refinance mortgage is a way to swap your current home loan for a new one. This new loan has a set repayment plan that lasts exactly 15 years. People often choose this type of refinance because they want to save money, either by getting a lower interest rate, paying off their home faster, or both. It's important to know that while you might save money over time, the monthly payments on a 15-year loan are usually higher than on a 30-year loan.

Why should I compare 15-year refinance rates right now?

Even though interest rates might seem higher than they were a few years ago, 15-year mortgage rates are often still better (lower) than those for 30-year loans. Comparing rates from different lenders is super important. It's like shopping around for the best price on anything else – you can find deals that save you a lot of money over the years you'll be paying off your home.

What are the main good and bad points of refinancing into a 15-year loan?

The good stuff? You usually get a lower interest rate, which means you pay less interest overall. Plus, you pay off your home much faster and build up your home's value (equity) more quickly. The downside? Your monthly payments will be higher because you have less time to pay it all back. You need to be sure you can comfortably afford those bigger payments each month.

How do I actually compare different 15-year mortgage rates?

The best way is to shop around! Get quotes from at least three different lenders, ideally on the same day since rates can change. Look closely at both the interest rate and the APR (Annual Percentage Rate), which gives you a fuller picture of all the costs. Also, consider how easy the lender is to work with and what other people say about them.

What's the difference between an interest rate and an APR?

The interest rate is just the basic cost of borrowing money. The APR, on the other hand, is a more complete picture. It includes the interest rate plus other fees and costs associated with the loan, like origination fees or points. So, when you compare loan offers, the APR gives you a better idea of the true total cost of the loan.

Should I really consider a 15-year mortgage?

It really depends on your situation. Can you handle the higher monthly payments that come with a 15-year loan? If your budget is already tight, sticking with a 30-year loan might be wiser. But if you like the idea of paying off your debt faster and are comfortable with those larger payments, a 15-year loan could be a great choice for you.