Compare Today's 15-Year Fixed Mortgage Rates

Updated on June 22 , 2024

15-Year Fixed Purchase Mortgage Rates - June 22, 2024

Product Interest rate APR
15-year fixed-rate 5.859% 5.984%
15-year fixed-rate FHA 6.045% 6.805%
15-year fixed-rate VA 5.401% 5.942%

Mortgage Rates as of June 22, 2024. Rates are subject to change daily. This is not a commitment to lend.

Today's 15-Year Fixed Refinance Rates - June 22, 2024

Product Interest rate APR
15-year fixed-rate 6.188% 6.384%
15-year fixed-rate FHA - -
15-year fixed-rate VA 5.238% 5.559%

Refinance Rates as of June 22, 2024. Rates are subject to change daily. This is not a commitment to lend.

Mortgages and Mortgage rates - the basics

Mortgage interest rates represent the cost of borrowing money to purchase or refinance a property and are a critical factor in determining the overall expense of a home loan. These rates can vary significantly based on a range of factors, including the lender, the borrower’s financial standing, and prevailing economic conditions in the country. The rate determines the amount of interest a borrower will pay over the life of the loan, making it an essential consideration for anyone looking to finance a home purchase.

Understanding mortgage rates is not just about knowing the current figures; it’s about grasping how they influence monthly payments and the total interest paid over the duration of the mortgage. This knowledge is crucial for borrowers to make informed decisions and find a mortgage that aligns with their financial goals and capabilities.

Mortgage rates are not set in stone, in fact, they can change daily or even multiple times throughout the day.

Why compare 15-year fixed mortgage rates

Comparing today’s 15-year fixed mortgage rates is a vital step in the home-buying or refinance process, as even a slight difference in rates can have a significant impact on the total cost of a loan over its lifetime. By thoroughly comparing rates from various lenders, borrowers can identify the most favorable terms, potentially saving thousands of dollars in interest payments.

For example, as mortgage brokers, Andes Mortgage LLC has the ability to compare over 30 lenders for you when you start the home loan process with us. You can click this link to get pre-approved and check the best rate you qualify for. The rates you see in the table above are national average rates provided to Andes Mortgage by our partners at Zillow and designed to give you an idea of what’s going on with today’s mortgage rates. However, they may not be specific to your personal needs.

We believe that giving you this free to use data empowers our clients and viewers to negotiate better terms and be more informed about their choices.

To get a personalized rate options that you can qualify for, you’ll need to provide some information about the type of process you are looking for, the price or value of the home, your credit score and income. If you would like to see tailor-made options for you, simply click below to get started, and we’ll be sure to get you rate quotes that reflect your situation without inquiring on your credit.

What is the difference between interest rates and APR?

When looking for mortgage rates, you’ll often see the term “APR” posted next to the interest rate, often creating confusion.

To make this simple to understand, the interest rate is the cost of borrowing money from a lender while APR takes into account additional fees and charges associated with the loan, such as origination costs and discount points. When you see an interest rate table like the one above, you’ll notice that the APR will almost always be higher than the interest rate.

While interest rates may be similar between lenders, their APRs can vary, potentially impacting the overall cost of the loan. This is why it’s important to compare both the interest rate and APR when evaluating mortgage options.

Fixed Rate Vs. Adjustable Rates - What Is The Right Thing For You?​

When exploring mortgage options, understanding rate types and terms is crucial. One of the main questions that we receive is which is the better interest rate – a fixed mortgage or a variable loan?

Fixed-Rate Mortgages

These loans have an interest rate that remains constant throughout the loan term and are the most common type of loan chosen by borrowers. In fact, the 30-year fixed mortgage is the most common loan in the United States.

Advantages of a fixed rate mortgage

Some of the most important advantages of a fixed rate mortgage include stability and predictability. With a fixed rate mortgage, you will know exactly how much you’ll pay each month, allowing for easier budgeting and planning. Additionally, if interest rates rise in the future, with a fixed-rate mortgage will not be affected as their rate is locked in.

Downsides of a fixed rate mortgage

However, the downside of a fixed-rate mortgage is that if interest rates drop, borrowers are stuck paying a higher rate than what is currently available in the market. This can result in missed opportunities to lower monthly payments or pay off the mortgage faster. Additionally, a fixed rate mortgage will have a higher interest rate than a variable rate mortgage, as the lender is taking on more risk by locking in a set rate.

Adjustable Rate Mortgages (ARMs)

Variable-rate mortgages, also known as adjustable-rate mortgages (ARMs), have interest rates that fluctuate based on an index such as the prime lending rate. These loans typically start with a lower interest rate for a number of years, most commonly 5, 7 and 10 years. Afterwards, the rate becomes variable and can change twice a year.

Advantages of an Adjustable Rate Mortgage (ARM)

Adjustable Rate Mortgages can offer lower introductory rates, making them an attractive option for borrowers looking to save money in the short term. For example, say you are only planning to stay in the home for 2 or 3 years. You’ll want to opt for a mortgage that offers lower rates than a standard 30 year fixed loan. Or perhaps, you believe that rates are going to drop at some point in the future and refinancing is something you are going to do regardless. These two scenarios are very common amongst those who want to pay less on the financing by taking the risk of not fixing their rate for 30 years.

Downsides of an Adjustable Rate Mortgage (ARM)

The main downside of a variable-rate mortgage is uncertainty after the fixed period has concluded and the borrower enters the variable period. As the interest rate can change periodically, borrowers may face fluctuating monthly payments, making budgeting and planning more challenging.

Additionally, if interest rates increase significantly, borrowers may end up paying more in interest over the life of the loan than they would have with a fixed-rate mortgage. Therefore, it is essential for borrowers to carefully consider their financial situation and long-term goals before choosing an ARM.

How to Qualify for the Best 15-Year Fixed Mortgage Rates

Getting the best possible rates depends on several key factors but let us show you which ones are the ones that matter the most.

First and foremost, maintaining a strong credit score is crucial; higher scores will unlock lower interest rates as they signal lower risk to lenders.

If you want to get the best or lowest 15-year fixed rates available for your loan type, everything starts here. You simply cannot get the best rates if your credit is low, therefore, it’s important to review your credit report, correct any inaccuracies, and work on improving your credit health through timely payments and reducing outstanding debts.

Second, your debt-to-income (DTI) ratio also plays a big role. Lower DTI ratios are preferable, indicating to lenders that you are not overly burdened by debt and can comfortably handle additional mortgage payments.

Next, a substantial down payment can further improve your chances of receiving a favorable rate, as it reduces the lender’s risk and your loan amount. The more “skin in the game” that you have, the less risk lenders see and therefore, you get to have a lower interest rate.

Shopping around and comparing rates from multiple lenders is also essential. This not only gives you a broad view of the available rates but also provides leverage in negotiating more favorable terms.

Every lender has margins built into their rates, and it’s the way how they can make a profit for giving you the loan. Of course, you can call around lenders or apply individually but not only can this take a lot of time but also, you’ll get multiple credit pulls which may decrease your credit scores.

Meanwhile, if you start here with us at Andes Mortgage, since we are mortgage brokers, it is part of our job to find the lender who is offering the lowest 30-year fixed for your unique situation. Simply click here and answer a few questions to get started.

Where are mortgage rates headed in 2024?

After experiencing record setting highs in interest rates not seen in the last 25 years, homebuyers will find relieve to know that better times are ahead in 2024.

According to experts, mortgage rates are expected to experience a decline 2024 as inflation pressures continue to ease opening the road for the Federal Reserve to begin slashing rates 3 times next year. In 2022, mortgage rates surged past 7 percent due to aggressive measures taken by the Federal Reserve to control inflation. However, as inflation begins to cool down, mortgage rates are likely to follow suit.

The Mortgage Bankers Association forecasts that 30-year mortgage rates could drop to around 6.1% towards the end of 2024 and reach 5.5% at the end of 2025. It’s important to note that these rates are not expected to return to the historically low levels seen during the early pandemic years, as inflation is not anticipated to drop back to those previous lows.

The housing market, meanwhile, is expected to remain challenging for buyers due to high demand and limited supply, despite the potential for slightly lower mortgage rates. This situation underscores the complexity of the housing market, where multiple factors including interest rates, inflation, and supply-demand dynamics play a role in shaping the overall landscape.

Don’t feel like you are alone in this journey! We are always here to help and available even on weekends.

Schedule a call with one of our team members here to get more information on programs, requirements or to get a custom rate quote. Our advisors will ensure that your questions are answered and tailor a mortgage that suits your needs. 

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Mortgage and refinance rates in the states we lend in



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