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15 year fixed refinance rates


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What is a 15-year mortgage refinance

With a 15-year fixed mortgage refinance, you can refinance your existing mortgage to take advantage of lower rates. The new loan will have different terms than your old one, including interest rate, monthly payment, and loan term.

With a 15-year refinance, rates tend to be lower than loans with longer loan terms, so you can save money over the length of your loan. And, you can pay off your loan sooner.


Advantages of a 15-year fixed mortgage refinance rate

  1. Lower interest rate:

    By opting for a shorter term, you’re eligible for lower interest rates than you’d get with a 30-year fixed mortgage refinance.

  2. Earlier payoff date:

    When you select a 15-year fixed mortgage refinance, you’ll be able to pay off your mortgage faster.


Disadvantages of a 15-year fixed mortgage refinance rate

  1. Higher monthly payments:

    With a shorter loan term, your monthly payments might be bigger than they were before. If you’re not prepared, those higher payments might strain your budget.

  2. Closing costs:

    When you refinance your loan, you’ll have to pay closing costs. These costs can be a portion of your home loan amount, adding thousands to your loan cost. Keep in mind, though, that this will typically only be a disadvantage if you plan on selling your house soon. If you sell before the point when the benefits of the refinancing outweigh the closing costs, then you've lost money.


How to get the best rate for a 15-year fixed mortgage refinance

If you want to refinance your home mortgage to a 15-year refinance loan to take advantage of lower interest rates, compare rates from multiple lenders before submitting your application. Interest rates and loan terms can vary widely from lender to lender, so use Credible to compare mortgage rates from several lenders at once.

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When is the right time to refinance?

The best time to refinance your home loan is when market conditions are favorable for borrowers. A good time to shop around for mortgage refinancing rates can be when the Federal Reserve lowers interest rates. With a 15-year refinance loan, you could qualify for a much lower rate on your mortgage.

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