Rates Indicator
15-Year Fixed Mortgage Rate
Updated 2026-04-03 · Weekly · Source: Freddie Mac · Next release: 2026-04-10
Historical Trend
| Date | Value |
|---|---|
| 2026-04-03 | 5.9% |
| 2026-03-27 | 5.9% |
| 2026-03-06 | 5.9% |
| 2026-02-06 | 6.0% |
| 2026-01-30 | 6.1% |
| 2026-01-02 | 6.1% |
| 2025-12-05 | 6.0% |
| 2025-11-06 | 6.0% |
| 2025-10-02 | 5.3% |
What This Means for Business
At 5.89%, the 15-year fixed rate carries a roughly 0.75 percentage point discount to the 30-year rate. Borrowers choosing the 15-year term pay significantly less in total interest over the life of the loan — typically saving over $100,000 on a $400,000 mortgage. For financial advisors and wealth managers, the spread between 15-year and 30-year rates signals how the market prices term risk. A narrowing spread suggests lenders expect rates to decline.
About 15-Yr Mortgage
The 15-year fixed mortgage rate is the average interest rate on a conventional 15-year home loan. It offers a lower rate than the 30-year fixed but with higher monthly payments due to the shorter repayment term. Sourced from Freddie Mac's weekly Primary Mortgage Market Survey.
Methodology
Freddie Mac surveys lenders weekly to compile the Primary Mortgage Market Survey. The 15-year rate reflects the average offered rate for a conforming 15-year fixed loan with 20% down payment to a borrower with strong credit. Actual rates vary based on creditworthiness, down payment, and loan size.
Related Indicators
Frequently Asked Questions
Should I choose a 15-year or 30-year mortgage?
The 15-year mortgage offers a lower interest rate (typically 0.5-0.75% less) and saves substantially on total interest — often over $100,000 on a $400,000 loan. However, the monthly payment is roughly 40-50% higher because you repay the principal in half the time. Choose the 15-year if your budget comfortably handles the higher payment and you want to build equity faster. Choose the 30-year if you need lower monthly payments or want to invest the payment difference elsewhere.
How much do you save with a 15-year vs 30-year mortgage?
On a $400,000 loan at current rates (5.89% for 15-year vs 6.64% for 30-year), the 15-year mortgage costs approximately $3,373/month vs $2,559/month for the 30-year. Total interest paid: approximately $207,000 for the 15-year vs $521,000 for the 30-year — a savings of over $314,000 in interest, plus you own the home free and clear 15 years sooner.