15 Year Conventional Mortgage Rates

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A fixed-rate mortgage gives you predictability regardless of term. Consider choosing a 15-year term over a 20- or 30-year term if: You can afford the higher monthly payment of a 15-year loan versus the 20-or 30-year loan. If you’re unsure, visit our fixed-loan calculator to estimate your 15-year fixed mortgage monthly payment.

A conventional loan is typically the most well-known type of mortgage. You have some options with the terms, so you can design a conventional loan that’s right for you. Benefits. A fixed rate option – do you plan on staying in this home longer than 7 years? Then a fixed rate might be right for you, locking in the rate for the length of the loan.

5-Year Fixed-Rate Historic Tables HTML / Excel Weekly PMMS Survey Opinions, estimates, forecasts and other views contained in this document are those of Freddie Mac’s Economic & Housing Research group, do not necessarily represent the views of Freddie Mac or its management, should not be construed as indicating Freddie Mac’s business prospects.

In 2016 the 15-year fixed-rate mortgage was the second most popular option after the 30-year. borrowers save money two different ways by choosing a 15-year over a 30-year loan. The shorter loan duration typically comes with a interest rate that is about 0.25% to 0.5% lower than the 30-year option.

The average 30-year fixed mortgage rate rose to 3.87%, up 13 basis points from 3.74% a week ago. 15-year fixed mortgage rates rose 11 basis points to 3.22% from 3.11% a week ago.

Mortgage interest rates fell for the first time in four weeks, with Freddie Mac’s survey showing lenders offering conventional 30-year fixed-rate loans at an average of 3.75%, down from 3.8% a week.

A 15-year fixed-rate mortgage maintains the same interest rate and monthly payment over the 15-year loan period. The 15 year fixed-rate mortgage allows the borrower to pay off the mortgage faster and typically has a low interest rate. But monthly payments are usually higher than with other mortgages.

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It is not the 15-year fixed. But [an adjustable rate] mortgage has a rate that cannot change for five. You’ve got FHA at 3½ percent down, and Fannie Mae and Freddie Mac conventional are 3 percent.