15 Year Mortgage Rates

No Guessing. Your Rate. Your Loan. Designed for You.

There's no one-size-fits-all mortgage. That's why we give you personalized options to meet your exact needs. From 15-year conventional loans to FHA programs, we have you covered. See today's rates tailored specifically to your needs.

15-Year Mortgage Rates

When choosing a home loan option it’s important that your choice reflects your long-term financial goals; and while 15-year mortgage rates and terms are some of the most cost-effective loan options available, there are some major factors to consider. Let’s review the pros and cons of 15-year mortgages, who should consider financing with one, and the options available to borrowers to help decide if a 15-year loan is right for you.


15-Year Mortgage Rates Pros and Cons

Pros Cons
  • Refinance to Shorter Term and Rate
  • Shorter Term and Faster Payoff
  • Build Home Equity Faster
  • Lower Interest Rate and Fewer Payments Than 20- or 30-Year Loans
  • Lower Total Cost of Borrowing
  • Likely Pay Less in Fees if Loan is Backed By Government-Sponsored Company
  • Pay Lower Private Mortgage Insurance (PMI) and Annual Percentage Rate (APR)
  • Higher Monthly Payment Than 20- or 30-Year Loans
  • Less Affordability = More Modest Home
  • Committed to Higher Monthly Payments
  • Limited Ability to Save Money


You Should Consider a 15 Year Loan If You...

  • Are Preparing For Retirement
  • Want to Pay Down Principal Quickly and Build Home Equity Faster
  • Want to Spend Less In The Long Run In Total Interest With Lower Interest Rate
  • Want to Refinance at a Lower Rate and Shorter Term Than 20-Year Loan
  • Find 20- and 30-Year Loan Payments Too Low
  • Are a High Earner With a Stable Job and Minimal Non-Mortgage Debt
  • Want to Own Your Home In Under 20 Years


15 Year Mortgage Rates Options and Loan Types

In the world of home financing, there is no “one-size-fits-all” mortgage; that’s why you have options! Let’s go over the basic 15-year mortgage rate options and loan types to choose from that best fit your financial goals.


Rate Options

Fixed-Rate Loan

Next to a 30-year fixed-rate mortgage, a 15-year fixed-rate mortgage is another common home loan option. With 15-year fixed mortgage rates, your interest rate won’t fluctuate for the life of the loan, making it a great option for borrowers who want a consistent, unchanging mortgage payment.


Adjustable (Variable) Rate Loan

15-year adjustable-rate mortgages have changing interest rates throughout the life of the loan. These fluctuating interest rates have the potential to save you money, especially if you plan to pay off the loan within a few years. If your monthly mortgage budget has room for fluctuating interest rates, an adjustable-rate loan may be a good option.


Loan Types

Conventional Loan
15-year conventional loans are private loans not backed by government agencies like the FHA or VA. They often mirror Fannie Mae and Freddie Mac down payment and income requirements and only require down payments as little as 3%. Conventional loans are a great option for buyers who may not have a large down payment available. Eligibility requirements vary from lender to lender, so be sure you speak with your lender about their specific loan requirements.

FHA Loan
15-year FHA loans are insured by the FHA and are more lenient than other loans both in credit and down payment requirements. If you’re a first-time homebuyer or a borrower with less-than-stellar credit history, this may be a good option for you.

VA Loan
15-year VA loans are reserved for active-duty and veteran military members and are backed by the federal government. VA loans are easier to qualify for than regular loans. They require no down payment or mortgage insurance and have exceptionally attractive terms. Inquire with Wyndham Capital Mortgage to learn the benefits of financing your home with our digitally advanced VA loan.

Jumbo Loan
15-year jumbo loans (otherwise known as non-conforming loans) are reserved for loan amounts totaling more than the loan limits set by most conventional loans. In 2019, the conventional mortgage loan limit was raised to $484,350. Of course, this limit varies from state to state, so check with your lender’s financing requirements before you begin your home search.


Tax Deductions on 15 Year Mortgages

The mortgage interest tax deduction allows homeowners to reduce their taxable income by deducting the interest paid on their secured mortgage loans. The Tax Cuts and Jobs Act of 2017 reduced the amount of mortgage debt homeowners could deduct at tax time. Since the passing of this law, homeowners are allowed to claim 100% of interest paid on their mortgages of up to $750,000. For married couples filing separately, the limit is $350,000.

Paired with an expanded standardized deduction and historically low-interest rates of 2020, we’re left with the understanding that mortgage interest tax deductions are not as worthwhile as they once were, especially for a 15-year mortgage loan, which already comes with a shorter loan life (less time to claim the tax deduction) and competitively low-interest rates off the bat, the tax deduction is hardly the biggest advantage or reason to take on a 15-year mortgage. Instead, paying substantially less interest and owning your home outright in half the time of a 30-year mortgage is reason enough to try and secure a 15-year mortgage loan.


Other Loan Options

15-year mortgages aren’t the best fit for everyone. That’s why Wyndham Capital offers loan terms and financing options tailored to your needs. Whether you’re purchasing your first home, preparing for retirement, or you’re unsure of what type of mortgage is right for you, we can help! Contact Wyndham Capital Mortgage today to learn how our digital advantage is shaping the modern mortgage experience.