Rates on mortgages have been all over the place lately. It feels like just yesterday they were super low, and now they've gone up quite a bit. This makes a lot of homeowners wonder if now is a good time to think about refinancing their mortgage. If you're one of them, you're in the right spot. We're going to break down what's happening with 15 year mortgage refinance rates and how you might be able to save some cash.

Key Takeaways

• Even a small drop in mortgage rates can mean saving a good chunk of money each month. This extra cash can go towards bills, saving, or paying off other debts faster.
• Don't forget about closing costs when you refinance. They can add up, so figure out how long it'll take for your monthly savings to cover them. Sometimes, it's not worth it if it takes too long.
• Refinancing to a new 30-year loan might lower your monthly payment, but it could also mean paying on your mortgage for longer. Think about if those long-term costs are worth the short-term relief.
• Your credit score is a big deal when it comes to getting the best 15 year mortgage refinance rates. A higher score usually means a better rate.
• Shopping around and comparing offers from different lenders is super important. Don't just go with the first one you find; you might find a much better deal elsewhere.

Today's National 15-Year Refinance Rate Trends

Looking to refinance your mortgage into a 15-year term? It's a good time to check out the rates. As of Saturday, November 29, 2025, the national average interest rate for a 15-year fixed refinance is sitting around 6.03%. That's actually a little lower than it was just last week, when it was about 6.09%.

Comparing rates across different lenders is a smart move right now. Even small differences can add up to significant savings over the life of your loan. It's not just about the interest rate, though. Keep an eye on the Annual Percentage Rate (APR) too, which gives you a broader picture by including some of the fees associated with the loan.

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

• 15-Year Fixed Refinance Rate: Around 6.03% (down from 6.09% last week)
• 15-Year Fixed Mortgage Rate (for purchases): Around 5.60% (down from 5.64% last week)

These averages are gathered from a survey of major lenders. Keep in mind that rates can change daily, so what you see today might be slightly different tomorrow.

Refinancing into a shorter loan term like 15 years often comes with lower interest rates compared to longer terms. This means you'll pay less interest overall and build equity in your home faster. However, your monthly payments will be higher because you're paying off the loan in half the time.

When you're shopping around, don't hesitate to look at both online lenders and traditional banks. Sometimes, a mortgage broker can also help you find competitive offers from wholesale lenders. The goal is to find the best deal that fits your financial situation.

Why Compare 15-Year Refinance Rates Today

So, you're thinking about refinancing your mortgage into a 15-year loan. That's a smart move to consider, especially right now. Even though mortgage rates have been a bit up and down lately, the rates for 15-year loans are usually lower than what you'd find on a 30-year mortgage. Comparing offers from different lenders is a big deal, and it can really save you money over time.

When you shop around, don't just look at the interest rate. You'll want to check out the Annual Percentage Rate (APR) too, because that includes some of the fees associated with the loan. Some banks might have lower closing costs, or maybe your current bank will give you a special deal. It never hurts to see what other lenders are offering, whether they're big online companies or your local bank. You might even find a mortgage broker who can show you options from various wholesale lenders.

Here's a quick look at how 15-year fixed refinance rates are stacking up compared to 30-year fixed refinance rates as of November 29, 2025:

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.

Choosing a 15-year loan means you'll pay it off faster. This usually means you'll pay less interest overall compared to a longer loan term. Plus, you'll build up equity in your home more quickly because a larger chunk of your payment goes towards the principal balance right from the start. It's a solid way to get ahead financially if your budget can handle the higher monthly payments.

How to Refinance Into a 15-Year Loan

So, you're thinking about switching your mortgage to a 15-year term. It's a pretty common move for homeowners looking to pay off their house faster and save on interest. But how do you actually do it? It's not just a simple phone call, unfortunately. You'll essentially be applying for a new mortgage, just like you did the first time around, but with the goal of replacing your current one.

Here's a general rundown of the steps involved:

• Check Your Credit: Lenders will pull your credit report. A score of 620 or higher is usually the minimum for a conventional refinance, but the better your score, the better your chances of getting approved and securing a good interest rate. If your credit has improved since you last got a mortgage, this is a big plus.
• Assess Your Finances: Get a clear picture of your income and expenses. You'll need to show you can comfortably handle the higher monthly payments that come with a 15-year loan. Lenders want to see a stable income and enough cash flow to cover the new payment, plus other living costs and unexpected emergencies.
• Shop Around for Lenders: Don't just go with the first bank you talk to. Different lenders offer different rates and terms. Compare offers from several mortgage companies, credit unions, and online lenders. Pay attention to the interest rate, Annual Percentage Rate (APR), closing costs, and any fees.
• Gather Documentation: Be prepared to provide a lot of paperwork. This typically includes proof of income (pay stubs, tax returns), bank statements, W-2s, and details about your current mortgage and property.
• Apply for the New Loan: Once you've chosen a lender, you'll fill out a formal loan application. This is where you'll submit all your financial documents.
• Underwriting and Appraisal: The lender will review your application and documents. They'll also likely order an appraisal of your home to determine its current market value. This helps them decide how much they're willing to lend.
• Closing: If everything checks out, you'll move to closing. This is where you sign all the final paperwork for your new 15-year mortgage. Your old mortgage will be paid off with the funds from the new loan, and you'll officially be on a 15-year repayment schedule.

Refinancing involves a full mortgage application process, including credit checks, income verification, and a home appraisal. It's not just a quick switch; it requires careful preparation and a review of your financial situation to ensure you qualify for the new loan terms.

It's important to remember that refinancing comes with closing costs, similar to when you first bought your home. These can include appraisal fees, title insurance, origination fees, and more. Make sure to factor these costs into your decision and calculate how long it will take for the savings from the lower interest rate and shorter term to offset these expenses.

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 Upsides

• Lower Interest Rates: Generally, lenders offer better interest rates on shorter loan terms. This is because they're taking on less risk over a shorter period. Refinancing to a 15-year loan can mean you'll pay less interest over the life of the loan compared to a longer term, like a 30-year mortgage. This is a significant advantage if you plan to stay in your home for a while.
• Build Equity Faster: With a 15-year loan, a larger portion of your monthly payment goes toward the principal balance right from the start. This means you'll own your home outright much sooner than with a 30-year loan. This faster equity growth can be a real game-changer for your long-term financial picture.
• Predictable Payments: If you opt for a fixed-rate 15-year mortgage, your principal and interest payments will stay the same for the entire loan term. This predictability can make budgeting much easier, giving you a clear picture of your housing costs for years to come.

The Downsides

• Higher Monthly Payments: This is the most significant drawback. Because you're paying off the same loan amount in half the time, your monthly payments will be considerably higher than they would be on a 30-year loan. You need to be sure your budget can comfortably handle this increase without causing financial strain.
• Less Financial Flexibility: Those higher monthly payments can eat into your budget, leaving less room for other financial goals. Saving for retirement, building an emergency fund, or even covering unexpected home repairs might become more challenging.
• Potential Affordability Issues: If you're looking to buy a more expensive home or refinance a larger loan amount, the higher monthly payments of a 15-year loan might put it out of reach. Lenders look at your debt-to-income ratio, and a higher monthly mortgage payment could mean you qualify for a smaller loan amount overall.

Sometimes, the best way to get the benefits of a 15-year loan without the commitment is to simply make extra payments on your current 30-year mortgage. This way, you pay down principal faster and save on interest, but you still have the flexibility of a lower required payment if times get tough. It's worth looking into how extra payments work to see if it fits your situation.

Here's a quick look at how the payment difference can add up:

(Note: These are illustrative examples and actual payments will vary based on interest rates, loan amounts, and other factors.)

When to Consider a 15-Year Refinance

So, you're thinking about switching to a 15-year mortgage. That's a big move, and it makes sense to figure out if it's the right time for you. Generally, people look at this option when they've got a bit more breathing room in their budget and want to pay off their home faster.

It's a particularly good idea if you've recently seen your income increase. Maybe you got a promotion, or your side hustle is really taking off. If you can comfortably handle a higher monthly payment than you have now, refinancing into a 15-year loan means you'll be mortgage-free much sooner. Plus, you'll save a good chunk on interest over the life of the loan.

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

• Your income has gone up significantly: If your financial situation has improved since you first got your mortgage, you might be able to absorb the higher payments of a 15-year loan without feeling the pinch.
• You want to pay off your home faster: This is the most obvious reason. A 15-year term cuts your repayment time in half compared to a 30-year loan, meaning you build equity quicker and are debt-free sooner.
• Interest rates have dropped considerably: If current rates are much lower than what you're paying now, refinancing can make sense even with a shorter term. You'll want to compare the costs of refinancing against the long-term savings. It's always a good idea to check today's mortgage rates to see where things stand.
• You're nearing the halfway point of a 30-year loan: If you've been paying on a 30-year mortgage for a while, refinancing to a 15-year loan can be a strategic move. You'll likely have a lower principal balance and could benefit from current, potentially lower, interest rates.

Keep in mind that while a 15-year loan means higher monthly payments, it also means you'll pay less interest overall. It's a trade-off between immediate affordability and long-term savings. If your main goal is the absolute lowest monthly payment, a longer term might be better. But if you're looking to accelerate your debt payoff and save on interest, the 15-year route is worth serious consideration.

Another thing to think about is your current loan. If you're already partway through a 30-year mortgage, you might find that making extra payments towards the principal can achieve similar results to refinancing into a 15-year loan, without the closing costs. It gives you flexibility – you can always revert to the standard payment if needed. This is a great way to test the waters of a shorter repayment period. You can use a mortgage calculator to see how extra payments impact your loan term and total interest paid.

15-Year Refinance Mortgage FAQs

So, you're thinking about refinancing your mortgage into a 15-year loan? That's a big decision, and it's smart to have questions. Let's clear some things up.

What exactly is a 15-year refinance mortgage?

Basically, it's when you replace your current home loan with a new one that you'll pay off over 15 years. The main draw here is usually to save money, either by getting a lower interest rate, paying off the loan much faster, or both. Keep in mind, though, that while you save money in the long run, the monthly payments on a 15-year loan are typically higher than what you'd see with a 30-year mortgage.

Here's a quick look at how the payment difference can play out. This is just an example, and your actual numbers will vary based on your specific loan amount and interest rate:

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

Lenders want to see that you can handle those higher monthly payments. This usually means having a steady income that can comfortably cover the new, larger payment. Your credit score and debt-to-income ratio will also be looked at closely, just like with any mortgage application. If your income has gone up since you first got your mortgage, or if you've improved your credit, a 15-year refinance might be a good fit.

When does it make sense to go for a 15-year refinance?

• You can afford the higher payments: This is the biggest one. If your budget can handle it without causing stress, you'll pay off your home much faster and save a lot on interest.
• Interest rates are significantly lower: If current rates are much better than what you're paying now, refinancing can be a smart move, especially when combined with a shorter term.
• You want to build equity quickly: Paying down your principal faster means you own more of your home sooner.
• You're close to paying off your current loan: If you're already many years into a 30-year mortgage, switching to a 15-year term can get you debt-free much faster.

Sometimes, people worry about the higher monthly payments of a 15-year loan. A good alternative is to stick with your 30-year mortgage but simply start making extra payments each month. This way, you get the benefit of paying down your loan faster and saving on interest, but you still have the flexibility of a lower required payment if unexpected expenses pop up. It's worth checking with your lender to see if they allow extra principal payments without penalty.

Is a 15-year refinance always better than a 30-year one?

Not necessarily. It really depends on your financial situation and goals. If your priority is the lowest possible monthly payment, or if you need to access cash from your home's equity (a cash-out refinance), then a longer term or a different type of refinance might be more suitable. A 15-year loan is best if you're looking to pay off your home faster and save on interest, and you can comfortably manage the higher payments.

How Bankrate Collects Mortgage Rates

So, how do we actually get these numbers you see on Bankrate? It's not just a wild guess, I promise.

We actually collect mortgage rate data in a few different ways to give you a good picture of what's out there. Think of it like gathering ingredients from different parts of the grocery store to make a meal.

Here's a breakdown:

• National Rate and APR Averages: We pull this data daily and weekly. It comes from the biggest banks and savings institutions across the country – we're talking hundreds of different markets. This gives you a broad look at what the major players are offering.
• Bankrate Monitor (BRM) National Index Rate Averages: This is a bit more of a long-standing survey. We gather rates weekly from banks and thrifts all over the U.S. It's a consistent way to track trends over time.
• "Top Offers": These are updated daily and weekly too. They represent an average of the rates that appear first on our rate tables, the ones our partners are advertising. We base these averages on the specific loan type and term you're looking at, like a 15-year refinance.

By looking at these different sets of numbers – the broad national averages, the consistent index, and the advertised top offers – you can get a pretty good idea of where rates stand. It helps you see the bigger picture and also spot potentially good deals.

The goal is to give you a clear comparison point. You can see how the national averages stack up against those "top offers" to get a sense of how much you might save by shopping around on Bankrate. We want to make it easier for you to find a good rate for your mortgage needs.

Factors That Determine Your Mortgage Rate

So, you're looking to refinance your mortgage, maybe into a 15-year loan, and you're wondering what actually goes into the interest rate you'll be offered. It's not just some random number pulled out of a hat, that's for sure. Several things play a role, and understanding them can help you get the best deal possible.

First off, your personal financial picture is a big one. Lenders look closely at your credit score. A higher credit score generally means they see you as less of a risk, which often translates to a lower interest rate. They'll also check your debt-to-income ratio – basically, how much you owe compared to how much you earn. A lower ratio is usually better.

Then there are the loan details themselves. The amount you're borrowing, how much you're putting down (if applicable for a refinance, though less common than for a purchase), and the specific type of loan all matter. For a 15-year refinance, the shorter term itself can sometimes influence the rate compared to a longer term.

Economic conditions are also a major factor. Things like inflation, the overall health of the economy, and what the Federal Reserve is doing with interest rates can all impact mortgage rates. For instance, if inflation is high, lenders might charge more to make sure their returns keep pace. You can see how broader economic trends, like those related to the 10-year Treasury notes, affect borrowing costs.

Here are some key things lenders consider:

• Credit Score: Your history of paying back debts. Aim for the highest score you can.
• Debt-to-Income Ratio (DTI): How much of your monthly income goes to debt payments.
• Loan Amount and Term: The size of the loan and how long you plan to pay it back.
• Economic Indicators: National and global economic health, inflation, and Federal Reserve policies.
• Market Demand: How many people are looking for mortgages at any given time.

It's also worth remembering that the lender you choose can make a difference. Different lenders have different business models and appetites for risk, which can lead to slightly different rates even for borrowers with the same financial profile. Shopping around is definitely the way to go.

Finally, don't forget about mortgage points. These are fees you can pay upfront to lower your interest rate. It's a trade-off: you pay more now to save more later. Deciding if points are worth it depends on how long you plan to stay in the home and how much you'll save over time.

How to Compare Mortgage Rates

Shopping around for mortgage rates is a big deal. It might seem like a lot of work, but it can really pay off. Even a small difference in the interest rate can save you a ton of money over the life of your loan. Think thousands of dollars. So, how do you actually do it?

First off, you'll want to get quotes from a few different lenders. Don't just stick with the first one you talk to, or even your current bank. Try online lenders, local banks, and credit unions. Each might have something a little different to offer.

When you're comparing, look at more than just the advertised interest rate. Pay close attention to the Annual Percentage Rate, or APR. The APR gives you a more complete picture because it includes some of the fees and costs associated with the loan, not just the interest.

Here’s a quick rundown of what to look for:

• Interest Rate: This is the percentage charged on the loan amount.
• APR: This includes the interest rate plus certain fees.
• Closing Costs: These are the various fees you pay to finalize the loan (appraisal, title insurance, etc.).
• Loan Terms: Make sure you're comparing apples to apples – same loan type, same term length.
• Points: These are fees paid directly to the lender at closing in exchange for a reduced interest rate.

It’s also a good idea to ask about any special offers or discounts they might have. Sometimes, being a member of a credit union or having a certain type of account can get you a better deal.

Remember, the rate you see advertised isn't always the rate you'll get. Your credit score, down payment amount, and the overall economic conditions all play a part in the final rate you're offered. Be prepared to provide your financial details to get accurate quotes.

Don't be afraid to negotiate, either. If you have a better offer from one lender, see if another will match or beat it. The goal is to find the best overall deal for your situation.

Mortgage Rate News This Week

This week, mortgage rates have seen a bit of a dip, which is good news if you're thinking about refinancing. The average rate for a 30-year mortgage has fallen, and this trend seems to be linked to some economic signals. We're seeing signs of a slightly softer job market, and consumer confidence has also taken a hit, reaching its lowest point since April.

On top of that, the yield on 10-year Treasury bonds, which often acts as a benchmark for long-term mortgage rates, has been trending downward. This connection means that mortgage rates tend to follow suit.

Here's a quick look at some recent averages as of Saturday, November 29, 2025:

• 30-year fixed mortgage rate: 6.25 percent
• 30-year fixed refinance rate: 6.67 percent
• 15-year fixed refinance rate: 6.03 percent

The housing market itself is showing some signs of cooling off. Home values have seen declines in several major metro areas across the country, not just in previously struggling markets. This softening could mean more options for buyers and potentially less competition.

Experts are a bit divided on what happens next. Some think rates will continue to slide slightly, especially with the holiday season approaching, which often sees a slowdown in activity. Others point to the economic data suggesting a weaker labor market as a primary driver for the current downward movement. While big drops aren't necessarily expected, it's a good time to keep an eye on the numbers for potentially more favorable pricing.

Wrapping It Up

So, looking at today's 15-year mortgage refinance rates, it seems like there are some decent options out there if you're thinking about changing your current loan. Rates have dipped a little recently, which is good news. Remember, even a small change can save you a good amount of money over time, especially with a shorter loan term like 15 years. It really pays to shop around and compare offers from different lenders. Don't just settle for the first one you see. Taking a bit of time to compare rates and terms could mean a noticeably lower monthly payment or less interest paid overall. It’s worth looking into if you have room in your budget for a slightly higher payment to pay off your home faster.

Frequently Asked Questions

What exactly is a 15-year refinance mortgage?

A 15-year refinance mortgage is when you replace your existing home loan with a new one that you'll pay off in 15 years. People often do this to save money by getting a lower interest rate or paying off their loan faster, or both. Keep in mind that the monthly payments on a 15-year loan are usually higher than on a 30-year loan, but you'll pay less interest overall.

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

Refinancing to a 15-year loan can mean lower interest rates compared to longer loans. You'll also pay much less interest over the life of the loan and build up your home's equity faster because more of your payment goes towards the actual loan amount. Plus, if you get a fixed-rate loan, your payments will stay the same, making budgeting easier.

Are there any downsides to a 15-year refinance?

The biggest drawback is that your monthly payments will be higher because you're paying off the loan in a shorter time. This means you need to be sure you can comfortably afford the increased payment. Also, if your main goal is to lower your monthly payment or take out cash from your home's value, a 15-year refinance might not be the best choice.

When is a good time to consider a 15-year refinance?

It's a great idea if your income has gone up since you got your current mortgage, and you can handle a higher monthly payment. It also makes sense if the new 15-year rate is significantly lower than your current rate, and the monthly payment increase isn't too drastic. If you're already halfway through a 30-year loan and rates have dropped, it could be a smart move to switch to a 15-year loan.

How do I compare different 15-year refinance offers?

Don't just look at the interest rate! Compare the Annual Percentage Rate (APR), which includes some fees. Also, check the closing costs and any other fees the lender charges. Getting quotes from several lenders, both online and traditional banks, will help you find the best overall deal. It's important to shop around to make sure you're not missing out on savings.

What factors affect the interest rate I'll get on a 15-year refinance?

Several things play a role. Your credit score is a big one; a higher score usually gets you a better rate. The amount of money you owe on your home compared to its value (your loan-to-value ratio) also matters. Lenders will also look at your income and employment history to make sure you can afford the payments. Market conditions, like the overall economy and what the Federal Reserve is doing, also influence rates.