15-Year Fixed-Rate Mortgage
Pay off your loan sooner and save a significant amount of money in interest.
15-Year Fixed Mortgage Rates
Legal Disclosures*
Rates shown reflect current products available with Rocket Mortgage, a provider on our network.
15-year Fixed-Rate Loan: An interest rate of 5.875% (6.35% APR) is for the cost of 2.00 point(s) ($7,000.00) paid at closing. On a $350,000 mortgage, you would make monthly payments of $2,929.92. Monthly payment does not include taxes and insurance premiums. The actual payment amount will be greater. Payment assumes a loan-to-value (LTV) of 80.00%.
15-year Fixed-Rate VA Loan: An interest rate of 5.625% (6.275% APR) is for a cost of 1.875 Point(s) ($6,562.50) paid at closing. On a $350,000 mortgage, you would make monthly payments of $2,883.07. Monthly payment does not include taxes and insurance premiums. The actual payment amount will be greater. Payment assumes a loan-to-value (LTV) of 80.00%.
VA loans do not require PMI. The VA loan is a benefit of military service and only offered to veterans, surviving spouses and active duty military.
15-year FHA Fixed-Rate Loan: An interest rate of 5.49% (6.406% APR) is for the cost of 1.875 Point(s) ($6,562.50) paid at closing. On a $350,000 mortgage, you would make monthly payments of $2,900.81. Monthly payment does not include taxes and insurance premiums. The actual payment amount will be greater. Payment assumes a loan-to-value (LTV) of 80.00%.
Payment includes a one-time upfront mortgage insurance premium at 1.75% of the base loan amount and a monthly mortgage insurance premium (MIP) calculated at 0.15% of the base loan amount. For mortgages with a loan-to-value (LTV) ratio of 80.00%, the 0.15% monthly MIP will be paid for the first 11 years of the mortgage term. Thereafter, the monthly loan payment will consist of equal monthly principal and interest payments until the end of the loan.
Assumptions
- Mortgage rates could change daily.
- Actual payments will vary based on your individual situation and current rates.
- Some products may not be available in all states.
- Some jumbo products may not be available to first time home buyers.
- Lending services may not be available in all areas.
- Some restrictions may apply.
- Based on the purchase/refinance of a primary residence with no cash out at closing.
- Refinancing may cause finance charges to be higher over the life of the loan.
- We assumed (unless otherwise noted) that: closing costs are paid out of pocket; this is your primary residence and is a single family home; debt-to-income ratio is less than 30%; and credit score is over 720, or in the case of certain Jumbo products we assume a credit score over 740; and an escrow account for the payment of taxes and insurance.
- The lock period for your rate is 45 days.
- If LTV > 80%, PMI will be added to your monthly mortgage payment, with the exception of Military/VA loans. Military/VA loans do not require PMI.
- Please remember that we don’t have all your information. Therefore, the rate and payment results you see from this calculator may not reflect your actual situation. Rocket Mortgage offers a wide variety of loan options. You may still qualify for a loan even if your situation doesn’t match our assumptions. To get more accurate and personalized results, please call to talk to one of our mortgage experts.
- One point is equal to one percent of the loan amount.
Mortgage Rates Trends
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
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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.
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