Compare 15 Year Fixed Mortgage Rates for Feb 9, 2026
A 15-year fixed-rate mortgage helps you own your home outright in half the time of a 30-year loan, typically with lower interest rates that can save you tens of thousands of dollars. Higher monthly payments are offset by dramatically reduced total interest costs and faster equity building.
Ideal for buyers with strong income who prioritize wealth building and becoming mortgage-free sooner. Many choose a 15-year mortgage when buying their second home or refinancing after building substantial equity.
Advantages
- ✓Lower interest rates than 30-year mortgages
- ✓Massive interest savings over loan lifetime
- ✓Build equity faster with larger principal payments
- ✓Mortgage-free in 15 years for retirement
Considerations
- •Higher monthly payment than 30-year loans
- •Stricter qualification due to payment size
- •Less budget flexibility for emergencies
- •Opportunity cost vs. investing elsewhere