15-Year Fixed Mortgages

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

Take the first step toward buying a house.


15-Year Fixed Mortgage Rates

Loan OptionRateAPR

Rates shown reflect current products available with Rocket Mortgage, a provider on our network.


More About The 15-Year Fixed

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Who Are 15-Year Fixed Loans Best For?

If you want to save money in interest by paying off your loan sooner, a 15-year fixed loan could be the ideal option for you.
The 15-year fixed is great for people who have a solid financial situation and the means to take on larger payments as a way to save significantly over the life of the loan.

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How Do 15-Year Fixed Loans Work?

With a 15-year fixed rate loan, you'll completely pay off your mortgage in just 15 years.
Because your interest rate is locked, your principal and interest payments won't change, but your taxes and insurance can fluctuate.

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How Do I Qualify For A 15-Year Fixed?

  • General minimum 3% - 3.5% down payment
  • Minimum 580 - 620 qualifying FICO® Score
  • Debt-to-income ratio (DTI) of no more than 50%
  • 3% - 6% of the purchase price to cover closing costs

15-Year Fixed Mortgage Benefits

  • You’ll pay off your mortgage faster than with other loans.
  • You can pay off your mortgage at any time without prepayment penalties.
  • You may be able to avoid mortgage insurance with a down payment of 20% or higher.
  • Your interest rate is fixed for the life of the loan, so you don’t have to worry about rising rates.
  • You can buy a home with as little as 3% down.
  • You can refinance your home for up to 97% of its value.

Mortgage Insurance Requirements

You’ll have to pay primary mortgage insurance (PMI) with your 15-year fixed-rate loan if your down payment is less than 20%.

  • This typically costs  5% –      1% of your loan amount per year, spread over 12 payments.
  • Once you reach 20% equity in your home, you may be able to request to cancel PMI.
  • PMI is often canceled automatically once you reach 22% equity.

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