We want to help you make more informed decisions. Some links on this page — clearly marked — may take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money.
Advertised & Editorial Rates: This table includes two types of listings: ads that we may be paid for (“advertiser listing”); and listings that we research and publish to provide a more holistic view of market rates (“editorial listings”). Here’s how to tell the difference: if you see a clickable button, such as a green “Next” button, that is an advertiser listing, and if you do not see a clickable button, it’s an editorial listing. For more information, see our Advertising Disclosure
Accuracy of Advertised Terms: Each advertiser is responsible for the accuracy and availability of its ad offer details. However, we attempt to verify those details through our quality control program. For more information, see our Quality Control Program.
Editorial Content: We include editorial content below the rate table to educate consumers about financial products and services. Some of that content may also contain ads, including links to advertisers’ sites, and we may be paid on those ads or links. For more information, see How We Make Money.
What Are Today’s 15-Year Refinance Rates?
On Friday, February 26, 2021 according to Bankrate’s latest survey of the nation’s largest mortgage lenders, the average 15-year refinance rate is 2.560% with an APR of 2.760%.
Current 15-Year Refinance Rates
|30-Year Fixed Rate||3.170%||3.330%|
|30-Year FHA Rate||2.930%||3.780%|
|30-Year VA Rate||3.040%||3.290%|
|30-Year Fixed Jumbo Rate||3.180%||3.250%|
|20-Year Fixed Rate||3.110%||3.310%|
|15-Year Fixed Rate||2.560%||2.760%|
|15-Year Fixed Jumbo Rate||2.590%||2.640%|
|10-Year Fixed Rate||2.560%||2.750%|
|5/1 ARM Rate||3.030%||4.060%|
|5/1 ARM Jumbo Rate||2.990%||3.950%|
|7/1 ARM Rate||2.980%||3.870%|
|7/1 ARM Jumbo Rate||3.120%||3.840%|
|10/1 ARM Rate||3.190%||3.970%|
|30-Year Fixed Rate||3.150%||3.370%|
|30-Year FHA Rate||3.010%||3.850%|
|30-Year VA Rate||3.010%||3.310%|
|30-Year Fixed Jumbo Rate||3.180%||3.280%|
|20-Year Fixed Rate||3.030%||3.250%|
|15-Year Fixed Rate||2.480%||2.770%|
|15-Year Fixed Jumbo Rate||2.500%||2.570%|
|10-Year Fixed Rate||2.460%||2.690%|
|5/1 ARM Rate||2.970%||4.010%|
|5/1 ARM Jumbo Rate||2.950%||3.880%|
|7/1 ARM Rate||2.920%||3.810%|
|7/1 ARM Jumbo Rate||3.050%||3.750%|
|10/1 ARM Rate||3.020%||3.900%|
Rates as of Friday, February 26, 2021
What is a 15-Year Fixed-Rate Refinance Mortgage?
A 15-year fixed mortgage refinance is a type of home loan designed to replace your existing mortgage. It has a fixed interest rate, so the amount of interest you’ll pay won’t change over the life of the loan. And with a 15-year payment term, you’ll pay off your mortgage in half the time you would with a 30-year mortgage refinance.
A 15-year refinance typically has a lower interest rate than longer-term loans — but it comes with a higher monthly payment.
When to Consider a 15-Year Refinance
A 15-year mortgage refinance can be a good way to pay off your mortgage sooner and save on interest. So the best time to consider refinancing is when rates are low enough that your interest savings will outweigh the upfront closing costs associated with a refinance loan.
NextAdvisor contributor Suze Orman says you should never refinance into a loan with a longer repayment term than what’s left on your existing mortgage. For homeowners with more than 15 years left on their mortgage, a 15-year loan is a great way to potentially secure a lower rate without adding years to your repayment schedule.
Because the monthly payments on a 15-year mortgage are higher, refinancing to a shorter-term loan makes the most sense if your income has increased since purchasing your home. So before you commit to bigger monthly payments make sure your current financial situation can support them.
Pros and Cons of a 15-Year Mortgage Refinance
- Lower interest rates
- Shorter repayment term
- Build equity more quickly
- Pay much less interest in the long term
- Higher monthly payments
- Less money to invest each month
- Less money available to save each month
What is a Good 15-Year Refinance Rate?
In 2020, the 15-year refinance rate average fell below 2.25% for the first time ever. However, that doesn’t necessarily mean it’s the best rate you’ll be able to qualify for. And it doesn’t mean it’s a good deal for you.
Sometimes an advertised low rate can have built-in discount points. These points are extra fees you can pay in exchange for a lower rate. So you need to pay attention to not only your interest rate, but also the upfront fees you’re paying for the loan.
At the end of the day, a good 15-year refinance rate is one that is considerably less than the current rate you’re paying, allowing you to save money on interest over time with a new loan.
How to Find the Best 15-Year Refinance Mortgage Rates
Your mortgage refinance rate will depend on your financial situation (e.g., credit score and income etc.), how much equity you have in your home, and even the type of refinance you’re applying for. So to get the best 15-year refinance rates, you’ll need to shop around and compare mortgage lenders.
To qualify for the lower rates, you’ll need a high credit score (700+), and at least 20% equity in your home. You can also expect to pay a higher rate with a cash-out refinance compared to other types of refinancing because lenders view this as a riskier type of refinance loan.