15 year refinance rates: what to expect in today’s market

For many homeowners, 15-year loans balance lower interest with faster payoff. When rates dip, refinancing can shrink total interest dramatically while building equity quicker.

How they compare

Compared with 30-year options, 15-year rates are typically lower, but the payment is higher because the clock is shorter. Lenders price based on credit score, loan-to-value, and points; a strong profile earns the most aggressive quotes.

What to consider before locking

• Monthly payment: Can your budget handle the jump without straining cash reserves?
• Break-even time: Divide closing costs by your monthly savings to see how long it takes to benefit.
• Loan size and term: Recasting into 15 years midway through a 30 can magnify interest savings.
• Points vs. no points: Paying points can lower the rate if you’ll keep the home long enough.
• Prepay flexibility: Some borrowers keep a 30-year and pay extra; a 15-year enforces discipline.

Shop at least three lenders, request written quotes same day, and ask for a rate-lock with a clear expiration. Clean up credit, reduce balances, and be ready with documents to capture the best offer.