Thinking about refinancing your mortgage? Today, we're looking at 15-year fixed mortgage rates for refinancing. It might seem like a good idea to lock in a rate, especially if you're aiming to pay off your home sooner. Let's break down what you need to know about 15-year fixed mortgage rates refinance options and if it's the right move for you.

Key Takeaways

• As of December 17, 2025, the national average 15-year fixed refinance rate is 6.02%, slightly down from last week.
• Refinancing to a 15-year loan can mean lower interest rates and paying less interest overall compared to a 30-year loan.
• A 15-year term helps you build equity faster and pay off your home sooner, but typically comes with higher monthly payments.
• Consider refinancing to a 15-year loan if your income has increased, payments are manageable, or you're looking to pay off your mortgage ahead of schedule.
• Compare offers from multiple lenders, looking at the APR and all loan terms, not just the interest rate, to find the best deal for your 15 year fixed mortgage rates refinance.

Today's National 15-Year Fixed Refinance Rate Trends

Looking to refinance your mortgage? The 15-year fixed-rate option is a popular choice for homeowners aiming to pay off their homes faster and save on interest. As of December 17, 2025, the national average rate for a 15-year fixed refinance is hovering around 5.93%. This is a slight dip from the previous week's average of 5.94%, showing a bit of movement in the market.

It's worth noting that while refinance rates have seen some minor fluctuations, they generally remain competitive, especially when compared to longer-term loan options. The national average for a 15-year fixed mortgage (for purchases) is currently at 5.67%, up slightly from last week's 5.63%.

Comparing rates from different lenders is a smart move, especially when considering a refinance. Even small differences in interest rates can add up to significant savings over the life of a 15-year loan. It's not just about the rate, though; always look at the Annual Percentage Rate (APR) which includes fees, and consider closing costs too.

Here's a quick look at how refinance rates have been trending:

• 15-Year Fixed Refinance: Currently averaging around 5.93% (down from 5.94% last week).
• 30-Year Fixed Refinance: Averaging around 6.61%.
• 10-Year Fixed Refinance: Averaging around 6.24%.

Remember, these are national averages. Your specific rate will depend on your credit score, loan-to-value ratio, and the lender you choose. Shopping around can help you find offers that are even better than the national average.

When you're thinking about refinancing, it's always a good idea to check with multiple lenders, including online banks and traditional institutions. Sometimes, a mortgage broker can also present you with a variety of options from different wholesale lenders. Don't feel tied to your current bank if you can find a better deal elsewhere.

Why Compare 15-Year Refinance Rates Today?

So, you're thinking about refinancing your mortgage into a 15-year fixed loan. That's a smart move to consider, especially right now. Comparing rates from different lenders is the absolute best way to make sure you're getting the best deal possible. It might seem like a hassle, but trust me, it can save you a significant chunk of change over the life of your loan.

Think about it: even a small difference in interest rate can add up. Right now, the national average for a 15-year fixed refinance is hovering around 6.02%. That's down from last week, which is good news, but rates can change daily. Shopping around lets you see who's offering the lowest rate and best terms for your specific situation. You might find that one lender has a slightly better rate, while another offers lower closing costs. It's all about finding that sweet spot.

Here's why it's so important to shop around:

• Lower Interest Rates: Generally, 15-year loans come with lower interest rates than their 30-year counterparts. This is because lenders see them as less risky since they're paid back faster.
• Reduced Total Interest Paid: A shorter loan term means you'll pay less interest overall. Combine that with a lower rate, and you're looking at some serious savings.
• Faster Equity Building: More of your payment goes towards the principal with a 15-year loan, helping you build equity in your home much quicker.

When you're looking at refinance options, don't just focus on the interest rate. Make sure you're also comparing the Annual Percentage Rate (APR), which includes some of the fees associated with the loan. Some lenders might have a lower advertised rate but higher fees, making the overall cost more expensive. Always get a full breakdown.

It's not just about the rate, though. Different lenders have different fees and closing costs. Some might be willing to negotiate, or perhaps your current bank will offer you a special deal to keep your business. Don't be afraid to explore options beyond your current lender, including online banks and mortgage brokers who can present offers from various wholesale lenders. You might be surprised at what you find when you compare rates here.

Pros and Cons of a 15-Year Mortgage Refinance

Thinking about switching your mortgage to a 15-year fixed loan? It's a big decision, and like most big decisions, there are good things and not-so-good things to consider. Let's break it down.

The Upside: Why a 15-Year Refi Might Be Your Best Move

• Save a Ton on Interest: This is the big one. Because you're paying off your loan faster and lenders see less risk, you'll typically get a lower interest rate. Over 15 years, this can add up to serious savings compared to a 30-year loan. You'll pay significantly less interest over the life of the loan.
• Build Equity Faster: With each payment, a larger chunk goes toward your principal balance. This means you'll own your home outright much sooner.
• Predictable Payments: A fixed-rate loan means your principal and interest payment stays the same for the entire 15 years. This makes budgeting much easier, though remember that property taxes and homeowners insurance can still change.

The Downside: What to Watch Out For

• Higher Monthly Payments: This is the most common hurdle. Because you're cramming 15 years of payments into the same timeframe a 30-year loan would take, your monthly bill will be noticeably higher. You need to be sure your budget can handle it, not just now, but for the next 15 years.
• Less Financial Breathing Room: Those higher payments can eat into your budget, leaving less money for other things like saving for retirement, unexpected home repairs, or even just having a cushion for emergencies.
• May Not Be Ideal for Cash-Out: If your main goal is to pull cash out of your home's equity, a 15-year refi might not be the best route. The higher payments could make it harder to borrow a large sum, and you'd be paying it back much faster.

Sometimes, people worry about the higher payments of a 15-year loan. A smart alternative is to stick with your current 30-year mortgage but simply start making extra principal payments each month. This way, you get many of the same benefits – paying less interest and owning your home sooner – but you keep the flexibility of a lower required payment if times get tough. Just be sure to tell your lender that the extra amount should go toward your principal.

Here's a quick look at how the terms stack up:

How to Refinance Into a 15-Year Loan

Thinking about switching to a 15-year fixed mortgage? It's a solid move for many, but there's a process involved. You can't just wake up and decide your mortgage is now a 15-year one. It means going through a refinance, which is basically getting a new loan to pay off your old one.

Here’s a general rundown of what that looks like:

• Check Your Eligibility: First things first, you'll want to see if you even qualify. Lenders will look at your credit score (usually 620 or higher is a good starting point for conventional loans), your income, and your debt-to-income ratio. They need to be sure you can handle the potentially higher monthly payments of a 15-year loan.
• Shop Around: Don't just go with the first lender you find. Rates and terms can vary quite a bit. Get quotes from a few different banks, credit unions, and online lenders. Compare not just the interest rate but also the fees involved.
• Gather Your Documents: Be prepared to provide a lot of paperwork. This typically includes proof of income (pay stubs, tax returns), bank statements, details about your current mortgage, and information about your assets and debts.
• The Application and Underwriting Process: You'll fill out a formal loan application. Then comes underwriting, where the lender thoroughly reviews all your financial information to decide whether to approve your loan.
• Appraisal: The lender will likely order an appraisal of your home to determine its current market value. This helps them assess the loan-to-value ratio.
• Closing: If everything checks out, you'll get to the closing table. This is where you sign all the final paperwork, and the new loan officially replaces your old one. Be aware there will be closing costs, similar to when you first bought your home.

The whole process can take anywhere from a few weeks to a couple of months, so patience is key.

Remember, refinancing isn't just about getting a new rate; it's about getting a whole new loan. This means there will be associated costs, like appraisal fees, title insurance, and lender fees. Make sure the savings you expect from the 15-year term outweigh these upfront expenses.

When to Consider a 15-Year Refinance

So, you're thinking about switching to a 15-year fixed mortgage for your refinance. That's a big decision, and it makes sense to figure out if it's the right move for you right now. Generally, this option is best if you've got a bit more room in your monthly budget and want to pay off your home faster. It's like giving your mortgage a deadline – a shorter one!

Here are a few scenarios where a 15-year refinance might be a smart play:

• Your income has gone up significantly. Maybe you got a promotion or a new job since you first took out your mortgage. If you can comfortably handle a higher monthly payment, refinancing to a 15-year loan means you'll be mortgage-free much sooner. Think about it: if you took out a 30-year loan five years ago and your salary has jumped, you could potentially cut your remaining loan term in half.
• The monthly payment increase isn't too drastic. Sometimes, even with a shorter term, the difference in your monthly payment might not be as huge as you'd expect, especially if interest rates have dropped a lot since you got your current loan. This is also a good time to look if your credit score has improved, potentially getting you a better rate.
• You're looking to save on interest. Over the life of the loan, a 15-year mortgage will almost always cost you less in total interest compared to a 30-year loan, even if the monthly payments are higher. This is because you're paying down the principal faster.
• You're aiming for faster equity growth. With more of your payment going towards the principal balance each month, you'll build equity in your home quicker. This can be beneficial if you anticipate needing that equity down the line.

It's worth noting that while a 15-year refinance offers a faster path to homeownership and less interest paid overall, it comes with a higher monthly payment. If your primary goal is the absolute lowest monthly payment, a longer term like a 20- or 30-year refinance might be more suitable. Always weigh the trade-offs based on your personal financial situation and goals.

Should You Refinance an Adjustable-Rate Mortgage (ARM) to a 15-Year Fixed Mortgage?

So, you've got an adjustable-rate mortgage, or ARM, and you're wondering if switching to a 15-year fixed loan makes sense. Many people start with an ARM because the initial payments are often lower, which can be helpful when you're just getting settled or if you didn't plan on staying put for too long. But life happens, and plans change. If you're now looking for more predictability in your monthly payments, or if you're worried about interest rates going up, a 15-year fixed mortgage could be a good move.

With an ARM, your interest rate can change, usually after a set period. This means your monthly payment could go up if market rates climb. That can be a bit unsettling, right? Switching to a 15-year fixed mortgage means your principal and interest payment will stay the same for the entire life of the loan. This offers a sense of security and makes budgeting a lot easier.

Here’s a quick look at why you might consider this switch:

• Payment Stability: No more guessing what your payment will be next year. It's fixed.
• Faster Payoff: You'll own your home outright in 15 years, which is half the time of a typical 30-year loan.
• Potential Savings: While monthly payments will be higher than your current ARM's initial rate, you could end up paying less interest over the life of the loan, especially if rates are lower now than when you got your ARM.

Of course, it's not a one-size-fits-all situation. You'll need to qualify for the new loan, which means your income needs to support the higher monthly payments that come with a 15-year term. Also, remember that refinancing involves closing costs, so you'll want to make sure the long-term savings outweigh those upfront expenses.

Think about your current financial picture and your future goals. If you've had a pay raise since getting your ARM, or if your budget can comfortably handle a higher, but predictable, monthly payment, then exploring a 15-year fixed refinance is definitely worth your time. It could be a smart way to gain control over your housing costs and build equity faster.

15-Year Refinance Mortgage FAQs

Thinking about swapping your current mortgage for a 15-year fixed-rate loan? It's a big decision, and you probably have some questions. Let's clear a few things up.

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

Basically, it's when you replace your existing home loan with a new one that has a fixed interest rate and a 15-year payoff period. People often do this to save money over the life of the loan, either by getting a lower interest rate, paying off the loan much faster, or both. Just remember, while you save money long-term, the monthly payments on a 15-year loan are usually higher than on a 30-year loan.

Key Considerations for a 15-Year Refinance:

• Faster Payoff: You'll own your home free and clear in half the time compared to a 30-year loan.
• Less Interest Paid: Because you're paying it off quicker and often at a lower rate, the total interest you pay over the loan's life is significantly less.
• Higher Monthly Payments: This is the trade-off. Your monthly payment will be larger, so you need to be sure it fits comfortably within your budget.
• Building Equity: You'll build equity in your home at a much faster pace.

What do I need to qualify for a 15-year refinance?

To get approved for a refinance, lenders generally look for a few key things. You'll want a solid credit score, usually 620 or higher for a standard refinance. Beyond that, they need to see that you have enough income to comfortably handle the new, higher monthly payment. Plus, you should have some savings set aside for unexpected home repairs or other emergencies.

Are there other options besides a 15-year refinance?

Absolutely. If a 15-year term feels too aggressive payment-wise, consider a 20-year mortgage. It speeds up your payoff compared to a 30-year loan but doesn't jump up in monthly cost as much as a 15-year. Another popular strategy is to stick with your current 30-year loan but simply make extra payments toward the principal each month. You can even set up biweekly payments, which effectively results in one extra monthly payment per year. This way, you still pay down your loan faster and save on interest, but you keep the flexibility of a lower required monthly payment if needed. It's a good way to explore mortgage refinancing options without the commitment of a new loan term.

Refinancing to a 15-year loan makes the most sense when rates are significantly lower than your current 30-year loan. If you can refinance and not see a huge increase in your payment, it may be a good idea. Otherwise, you could just pay extra toward the principal on your 30-year mortgage and have the flexibility of a lower payment if you run into financial difficulty.

How Bankrate Collects Mortgage Rates

You might be wondering how we come up with the numbers you see on Bankrate. It's not just a random guess, that's for sure. We have a whole system in place to gather mortgage rate data from across the country.

Basically, our Market Analysis team sends out surveys. They collect information on banking deposits, loans, and, of course, mortgages from a bunch of lenders nationwide. This helps us get a good picture of what's happening with rates right now.

We look at a few different types of averages:

• National Rate and APR Averages: These are daily and weekly figures. We get them mainly from the five biggest banks and thrifts in hundreds of different markets across the U.S.
• Bankrate Monitor (BRM) National Index Rate Averages: These are reported weekly. It's a long-standing survey that pulls rates from banks and thrifts all over the country.
• "Top Offers": These are also displayed daily and weekly. They represent an average of the rates that are listed first on our rate tables by our partners. The averages here are based on the specific loan type and term you select.

Comparing these national averages to the "top offers" can give you a good idea of how much you might save by shopping around on Bankrate. It's all about giving you the information you need to make a smart financial decision.

We aim to be transparent about how we collect and display this data. You can always find more details about our methods if you want to dig deeper into how we report mortgage rates. This way, you know you're getting reliable information when you're looking to refinance your mortgage.

How Much Can You Potentially Save by Refinancing?

So, you're thinking about refinancing your mortgage to a 15-year fixed loan. That's a big step, and naturally, you're wondering about the money side of things. How much can you actually save? Well, it really depends on a few things, but the potential is definitely there.

First off, let's talk about the big picture. Refinancing to a shorter term like 15 years means you'll pay off your home faster. This usually translates to paying a lot less in interest over the life of the loan. Imagine cutting years off your mortgage and saving thousands, or even tens of thousands, on interest payments. That's the main draw.

Here's a quick look at how it can add up:

• Lower Total Interest Paid: By switching to a 15-year term, you're making more progress on your principal balance with each payment. This means less interest accrues over time.
• Faster Equity Building: Paying down your principal quicker means you build equity in your home faster. This can be helpful if you plan to sell or want to tap into your home's value later.
• Potential for Lower Interest Rate: If current market rates are lower than your existing mortgage rate, refinancing can secure you a better rate, further reducing your monthly payment and total interest.

Now, it's not all sunshine and savings right away. You've got to consider the costs involved in refinancing. These are called closing costs, and they can add up. Think of them like the fees you paid when you first bought your home. They can range anywhere from 2% to 5% of the loan amount. So, on a $200,000 loan, that could be $4,000 to $10,000. You need to make sure the savings you get from refinancing outweigh these upfront costs.

To figure out if it's worth it, you'll want to calculate your break-even point. This is the point in time when your monthly savings from the new loan cover the total closing costs you paid. If you plan to stay in your home long enough to pass that break-even point, then refinancing is likely a good financial move.

For example, let's say you have a $200,000 mortgage balance and you're looking at a 15-year refinance. If your current rate is 6% and you can get a new rate of 5% on a 15-year loan, your monthly payment might go up a bit, but you'll save a significant amount on interest over the next 15 years compared to staying with your original loan term. Using a mortgage calculator can really help you see these numbers clearly. It's all about crunching the numbers to see if the long-term benefits make sense for your financial situation.

Additional Resources on 15-Year Loans

Thinking about a 15-year refinance is a big step, and it's smart to gather as much info as you can. Beyond just looking at today's rates, there are other things to consider.

Understanding the trade-offs is key to making the best choice for your financial situation.

Here are some points to keep in mind:

• Payment Differences: A 15-year loan generally means higher monthly payments than a 30-year loan. This is because you're paying off the same amount of money in half the time. For example, if you have a $200,000 loan at 6% interest:
  • A 30-year term might have a principal and interest payment around $1,199.
  • A 15-year term could push that payment closer to $1,688.
• Interest Savings: The upside to those higher payments is significant interest savings over the life of the loan. That same $200,000 loan could save you tens of thousands of dollars in interest by choosing the 15-year term.
• Equity Building: You'll build equity in your home much faster with a 15-year loan. This means you own a larger portion of your home sooner, which can be beneficial if you plan to sell or tap into your home's value later.

Sometimes, you don't need to refinance to get the benefits of a shorter loan term. You can often make extra payments on your current 30-year mortgage. This lets you pay down the principal faster and save on interest, just like a 15-year loan, but without the commitment of a higher fixed payment. Plus, you avoid the closing costs associated with refinancing.

If you're curious about how extra payments could impact your loan, using a mortgage calculator can show you the potential savings and how much faster you could pay off your home. It's a great way to compare scenarios without actually changing your loan.

Wrapping It Up

So, looking at today's 15-year fixed mortgage rates for refinancing, it seems like a pretty good time to at least check things out. Rates have dipped a little recently, and they're generally lower than what you'd find on a 30-year loan. Refinancing to a 15-year term means you'll pay less interest overall and build up your home equity faster. It's not for everyone, of course, as the monthly payments will be higher than your current 30-year loan. But if your income has gone up or you just want to get out of debt sooner, it could be a smart move. Definitely compare offers from different lenders to see what kind of savings you can find. It might just be the ticket to saving a good chunk of money over the years.

Frequently Asked Questions

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

A 15-year fixed-rate refinance mortgage is basically swapping your current home loan for a new one. This new loan has a set payment schedule that lasts for 15 years. People often choose this type of refinance to save money, either by getting a lower interest rate or by paying off their loan much faster, or both. Just keep in mind that the monthly payments on a 15-year loan are usually higher than those on a 30-year loan, even though you'll save money in the long run.

What are the main benefits of refinancing into a 15-year loan?

Refinancing to a 15-year loan usually comes with lower interest rates compared to longer loans, meaning you'll pay less interest overall. You'll also build up your home's equity much faster because more of your payment goes towards the actual loan amount. Plus, you'll own your home free and clear in just 15 years, which can be a great feeling!

Are there any downsides to a 15-year refinance?

The biggest drawback is that your monthly payments will be higher than with a 30-year loan. This is because you're paying off the same amount of money in half the time. You'll need to make sure your budget can handle the increased payment. Also, if your main goal is to get the lowest possible monthly payment or to take cash out of your home, a 15-year loan might not be the best choice.

When is a good time to consider refinancing to a 15-year loan?

It's a smart move if your income has gone up since you got your current mortgage, and you can comfortably afford higher monthly payments. It also makes sense if the interest rates for a 15-year loan are significantly lower than your current rate, and the difference in monthly payments isn't too drastic. If you're already halfway through a 30-year mortgage, refinancing to a 15-year loan can help you pay it off much sooner.

Can I refinance an adjustable-rate mortgage (ARM) into a 15-year fixed loan?

Absolutely! If you have an adjustable-rate mortgage (ARM), refinancing into a 15-year fixed loan can give you more stability. With an ARM, your interest rate can go up over time, leading to higher payments. A 15-year fixed loan locks in your rate and payment for the entire 15 years, offering predictability and potentially saving you money if rates rise.

How much money can I really save by refinancing?

Refinancing does come with costs, usually between 2% to 5% of the loan amount. To figure out if it's worth it, you need to calculate how long it will take for your savings to cover these costs. If you plan to stay in your home long enough to see those savings add up, then refinancing can be a great way to save money over the life of your loan, especially with a shorter 15-year term.