Home » Home Loan Options » VA Loans

15-Year Fixed-Rate Mortgage

Pay off your loan sooner and save a significant amount of money in interest.

Man and woman sitting at a desk with a laptop, looking at mortgage options.Man and woman sitting at a desk with a laptop, looking at mortgage options.

15-Year Fixed Mortgage Rates

This graph shows how weekly average mortgage rates have changed over the years.

What To Know About 15-Year Fixed-Rate Mortgages

Who Are 15-Year Fixed-Rate Loans Best For?

A 15-year fixed-rate mortgage might be the right option for you if:

  • You want to save money by paying off your loan sooner.
  • You can afford a higher monthly payment.
  • You want a predictable monthly payment.

How Do I Qualify For A 15-Year Fixed-Rate Loan?

  • Minimum 3% down payment
  • Minimum credit score of 580 to 620, depending on loan type
  • Debt-to-income ratio no higher than 50%
  • Must pay closing costs, usually 2% to 5% of the purchase price

How Do I Qualify For A 15-Year Fixed-Rate Loan?

  • Minimum 3% down payment
  • Minimum credit score of 580 to 620, depending on loan type
  • Debt-to-income ratio no higher than 50%
  • Must pay closing costs, usually 2% to 5% of the purchase price

Compare Mortgage Offers From Verified Lenders

Sponsored Results |

15-Year Fixed-Rate Loan Benefits

  • Pay off your mortgage faster.
  • Pay less interest on your loan and save money.
  • Your interest rate and monthly payment don’t change.
  • You can buy a home with a conventional loan for as little as 3% down.
  • You don’t have to pay for PMI if your down payment is at least 20%.

FHA Property Requirements

Mortgage insurance protects the lender if you can’t repay your loan. You’ll need to purchase mortgage insurance for the following loan types:

  • Conventional loan with a down payment of less than 20%
  • FHA loan
  • USDA loan

Effective Nov. 16, 2025, both Fannie Mae and Freddie Mac no longer require a specific minimum credit score for conventional loan approval. Instead, loan decisions will be based on an analysis of overall credit risk factors.

Frequently Asked Questions

Still have questions about 15-year fixed-rate mortgages? We’ve got answers.

A 15-year fixed-rate mortgage typically comes with a lower interest rate, so your loan will cost less overall. You’ll also pay off your home loan in half the time. However, be sure you can afford a higher monthly payment.
With a fixed-rate mortgage, your payment for principal and interest will not change. However, changes to the amount you pay for homeowners insurance and property taxes can affect your monthly payment.
Even though you’ll have a higher monthly payment, your interest rate may be lower by as much as a full percentage point. Plus, you’ll be borrowing money for fewer years, so there’s less time for interest to grow.

Ready To Buy A Home?

Connect with a lender that will work with your unique financial situation, or use our calculators to estimate how much home you could afford.

Ready To Buy A Home?

Other Mortgage Options

30-Year Fixed-Rate Mortgage
Adjustable-Rate Mortgage
FHA Loan