Monthly payment examples below are for a loan amount of $275k ($1,100k on Jumbo). Taxes and insurance not included within the estimate; actual payment amount will be greater.
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Rates are current as of 2:59 PM UTC on September 18, 2025
Many factors determine your 15-year refinance
You can control some things that influence your interest rate, like your financial details. Other things, not so much. Here are some of the factors that impact rates.
Economic
The stock market, the Federal Reserve, inflation and the housing market all affect mortgage rates.
Personal
Your credit profile, your debt compared to your income, and how much you’re borrowing help determine your mortgage rate.
Loan type
Conventional, FHA and VA loans (mortgages for eligible military) are all available as a 15-year mortgage, but often have different rates.
Pros and cons of a 15-year refinance
Pros
Pay off your mortgage faster by refinancing to a shorter term.
Refinancing to get cash to consolidate debt? Depending on the loan you’re refinancing, a 15-year refi could get you the cash you need.
Interest rates are typically lower with shorter term refinances because it doesn’t take as long for lenders to get reimbursed for the loan.
Cons
There are costs for getting a new mortgage. If the financial benefits you get from refinancing don't outweigh the costs, it's probably not the right move.
Your monthly payment will increase if you're refinancing to a shorter term, because your loan amount will increase.
A 15-year mortgage can be hard to qualify for. Because your monthly payment will be larger, you could need more income or less debt to qualify compared to a 30-year mortgage.
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15-year refinance rate frequently asked questions
Don’t see your question here? We love helping people understand how rates work and what yours could be.
When you refinance, you get a new mortgage that’s used to pay off your previous one. A 15-year home loan is a mortgage that gives you up to 15 years to pay off.
When we say “15-year fixed mortgage” we’re usually talking about a conventional loan. You can also get FHA, VA and jumbo home loans that have a 15-year term.
Whatever kind you get, most 15-year mortgages have a fixed interest rate: it stays the same as long as you have the loan.
It depends on your finances and what you’re hoping to do.
If you started with a 30-year mortgage, but you want to pay off your principal and built equity faster, a 15-year mortgage could be right for you.
That’s why it’s best to talk about your goals with a Home Loan Expert. They’ll look at all your options and help you understand what’s right for you.
Refinancing is replacing your current mortgage with a new one. The steps are similar to getting a mortgage when you buy a home.
- Start an application or contact us so we can learn about your goals and your existing mortgage.
- If refinancing looks right for you, we’ll walk you through your options. These can include refinancing to a 15-year loan.
- You’ll start the process of getting your mortgage.
- You may need an appraisal and will likely need to provide documents.
Closing your loan for a refinance can be more streamlined than buying a home. You may not need any cash at closing because costs are often rolled into the new loan. And many of our clients close from their own home using a computer and smartphone.
Home loan interest rates, including 15-year refi rates, are set based on several factors:
- The economy
- Decisions made by the Federal Reserve, the central bank of the U.S.
- Your credit profile
- The amount you’re refinancing
- The value of your home
- The length of your loan
To really understand what your rate will be, apply or talk to a Home Loan Expert.
Here are some general guidelines that help you qualify for 15-year fixed refinance rates. If you don’t meet them all, are close on some, or you’re eligible military, talk to us to see what’s possible.
- A credit score above 620
- Less than half your income going to debt
- Enough equity in your home
Equity is the difference between what you owe on your home and its value. How much is “enough” depends on what you want to do, and the kind of loan you qualify for.
Here are some comparisons between having a 15-year term mortgage and a 30-year term mortgage. Remember you may have other options than just 15 and 30. We can help you understand what works best for you.
- Monthly payment: Higher for a 15-year, lower for a 30-year.
- Interest paid over the life of the loan: Less for a 15-year, more for a 30-year.
- Building equity: Faster for a 15-year, slower for a 30-year.
Learn about refinance rates
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