15-Year Refinance Rates

Right now, 15-year mortgages have some of the lowest rates we’ve seen in the last 50 years. That may lead you to wonder whether this is the time to refinance. Well, if you have excellent credit and some equity in your home, you can lock in a 15-year fixed mortgage rate as low as 2.15% with some lenders right now. That means with refinance mortgage rates that low, you could save thousands in interest and help you become debt-free faster.

Using our InfoScore methodology, we have analyzed some of the leading national 15-year mortgage lenders to compare the best refinance rates.

Compare today’s 15-year refinance rates

According to Bankrate’s latest survey of the nation’s largest mortgage lenders, these are the current refinance average rates for a 30-year, 15-year fixed and 5/1 adjustable-rate mortgage (ARM) refinance rates among others.

Product Interest Rate APR
30-Year Refinance Rate3.220%3.380%
30-Year FHA Refinance Rate2.760%3.650%
30-Year VA Refinance Rate2.880%3.100%
30-Year Jumbo Refinance Rate3.250%3.340%
20-Year Fixed Refinance Rate3.150%3.300%
15-Year Fixed Refinance Rate2.490%2.710%
15-Year Jumbo Refinance Rate2.500%2.580%
10/1 ARM Refinance Rate3.540%4.200%
5/1 ARM Refinance Rate3.390%4.010%
5/1 ARM Jumbo Refinance Rate3.530%3.940%
7/1 ARM Refinance Rate3.310%3.870%
7/1 ARM Refinance Jumbo Rate3.460%3.810%

Rates data as of 6/16/2021

Why trust Info Readers USA?

Research methodology

The InfoScore is our proprietary scoring metric to compare products and services at Info Readers USA in a transparent, evidence-based way. Our editorial team identifies five quantifiable aspects to compare for every brand, determines the rating criteria for each aspect score, then averages the five aspect scores to produce a single InfoScore. For 15-year mortgages, we compared perks, credit impact to check rates, fees, customer satisfaction and product variety. Our ratings are meant to be a directional tool to help you in the process of choosing a 15-year mortgages.

15-year mortgage refinance companies at a glance

LenderRates (APR)Min. Credit ScoreInfoScore
Rocket Mortgage2.88% (3.28% APR)6203.4/5
Navy Federal Credit Union2.13% (2.34% APR)Undisclosed 3.4/5
ChaseVaries by location620 3.8/5
PennyMac2.25% (2.49% APR)580 3.3/5
Bank of America3.00% (3.20% APR)600 3.8
Better.comVaries by location620 3.8

*Rates accurate as of June 2021.

Best for customer satisfaction – Rocket Mortgage

Customer service is a major priority for Rocket Mortgage, so if you’re shopping for a mortgage, you should make it your priority to review their loan offerings.

J.D. Power Rating
5/5
Min. Credit
620
Min. Down Payment
3%
InfoScore
3.4 / 5.0
close
InfoScore Rocket Mortgage 3.4
Perks 4
Credit Impact 4
Customer Satisfaction 5
Product Variety 3
Fees 1

Rockets’s commitment to customer satisfaction begins the day you apply – online tools and resources make your mortgage experience seamless.

Rocket Mortgage has been named Highest in Customer Satisfaction on J.D. Power’s Primary Mortgage Origination list for 10 consecutive years and Highest in Customer Satisfaction on J.D. Power’s Primary Mortgage Servicer list for seven consecutive years. That’s a huge testament to the company’s commitment to customer service.

Unlike most other mortgage lenders, Rocket Mortgage continues to service 99% of its mortgages after origination, so customers can expect the same great service throughout the life of the loan. Rocket Mortgage also offers easy online applications and approval processes. Plus, the lender offers a 90-day rate lock to ensure you have plenty of time to close without any unexpected price jumps — even if interest rates increase during your loan closing.

Best for military loans – Navy Federal Credit Union

Navy Federal Credit Union doesn’t just focus on servicing Navy servicemembers; it offers competitive financing options to members from all branches of the military that qualify.

J.D. Power Rating
5/5
Min. Credit
Not Specified
Min. Down Payment
0%
InfoScore
3.4 / 5.0
close
InfoScore Navy Federal Credit Union 3.4
Perks 4
Credit Impact 4
Customer Satisfaction 5
Product Variety 3
Fees 1

Navy Federal Credit Union is a solid option for military members and veterans because offers creative, military-focused financing options — even for military members who have exhausted their VA benefits.

In addition to traditional VA loans, Navy Federal Credit Union also offers VA streamline refinance loans and Military Choice loans for eligible service members who have already exhausted their VA benefits. These loans offer competitive rates and easier qualification requirements along with minimal out-of-pocket costs.

Borrowers can also be assured that they are receiving the best rates with the lender’s rate match guarantee. Navy Federal will match any competing lender’s rate or pay the borrower $1,000 after closing if they were unable to rate match.

Best for down payment assistance – Chase

Your dreams of refinancing can become reality with Chase’s DreaMaker Grant, which was designed to help with closing costs or down payments.

J.D. Power Rating
3/5
Min. Credit
620
Min. Down Payment
3%
InfoScore
3.8 / 5.0
close
InfoScore Chase 3.8
Perks 4
Credit Impact 4
Customer Satisfaction 3
Product Variety 5
Fees 3

Down payments and closing costs add quite a bit to the cost of your refinance with Chase, but this lender also offers several different programs to help minimize any upfront costs.

Chase has several programs designed to help borrowers in need of flexible loan options. Chase’s exclusive mortgage grant, DreaMaker, provides up to $3,000 in assistance for qualifying borrowers who complete a homebuyer education course.

If you don’t qualify for the DreaMaker grant, Chase has several other programs available to help lower down payments and closing costs, add flexibility to credit score requirements and help with alternative refinancing options.

Best for product variety – PennyMac Mortgage

If you like Baskin Robbins’ 31 flavors, you’ll love PennyMac’s plentiful mortgage options — there’s a flavor for every loan need.

J.D. Power Rating
3/5
Min. Credit
620
Min. Down Payment
3%
InfoScore
3.3 / 5.0
close
InfoScore PennyMac Mortgage 3.3
Perks 3
Credit Impact N/A
Customer Satisfaction 3
Product Variety 5
Fees 2

By financing with PennyMac, you’ll get access to a comprehensive suite of online tools and mortgage options that aren’t available at many other big-name lenders.

If you’re not sure what type of loan is best for you, the mortgage experts at PennyMac can help you with a variety of options. Compared to many other national lenders, PennyMac offers loans for nearly any situation, including refinancing options for borrowers who may be financing investment properties or second homes.

PennyMac’s flexibility isn’t just limited to their product offerings, however. This lender accepts credit scores as low as 580, and it provides a comprehensive suite of online tools and resources to assist with any mortgage needs.

Best for high debt-to-income ratios – Bank of America

You won’t see Bank of America at any circus, but this lender is as flexible as an acrobat with its expanded debt-to-income ratios and lower credit score requirements.

J.D. Power Rating
3/5
Min. Credit
620
Min. Down Payment
3%
InfoScore
3.8 / 5.0
close
InfoScore Bank of America 3.8
Perks 5
Credit Impact 3
Customer Satisfaction 3
Product Variety 4
Fees 4

Borrowers with high student loan balances or excessive debt can find flexibility in Bank of America’s debt-to-income requirements, which give you more wiggle room than some of the other larger lenders.

Most conventional lenders want to see debt-to-income ratios at or below 43%, but Bank of America is willing to refinance borrowers with debt-to-income ratios as high as 55%. Combined with this lender’s lower credit score requirements, which start at 600, many borrowers will get the wiggle room needed to meet refinancing qualifications, even if they have less-than-ideal financial situations.

This is a huge plus for borrowers who’ve had difficulty meeting the strict lending requirements from other large lenders. It gives borrowers with more debt the opportunity to buy a home, even if they can’t pay that debt down enough for other lenders.

Best for low fees – Better Mortgage Company

If you’ve been looking for a “Better” mortgage experience, this online lender is happy to step up with minimal fees and a simple online application process.

J.D. Power Rating
N/A
Min. Credit
620
Min. Down Payment
3%
InfoScore
3.8 / 5.0
close
InfoScore Better Mortgage Company 3.8
Perks 2
Credit Impact 5
Customer Satisfaction N/A
Product Variety 3
Fees 5

If you prefer a streamlined mortgage refinance without all the fees, Better.com offers direct lending options without the surprises.

You won’t find brick-and-mortar service centers for this online lender, but Better.com uses its streamlined online operations model to pass savings on to customers. When processing mortgage refinances, Better.com doesn’t charge origination fees, application fees or underwriting fees, so borrowers can expect a straightforward refinance experience without the hidden costs.

What is a 15-year mortgage refinance? 

A 15-year mortgage refinance is a mortgage loan that can be used to pay off the balance of your existing mortgage loan in 15 years. That’s a much shorter repayment term than the traditional 30-year loan term, which means your payments will be higher each month because you’ll be paying off the loan in half the time.

The upside to this type of loan is that it can vastly cut down on the amount of interest you pay in total. You’ll have to pay more each month on the principal, but 15-year loans generally come with lower interest rates than other types of loans and you’re paying interest for a shorter period too, making the savings two-fold.

How 15-year mortgage refinances work?

If you’re no longer satisfied with your existing mortgage terms, you may be able to change things by securing a new 15-year mortgage. The 15-year mortgage rates for refinance are generally lower than you’d get with other types of loans, and refinancing to this can be especially beneficial for those who have between 18-25 years left on their mortgage. These refinances could also benefit homeowners who are financially stable enough to afford a slightly higher monthly payment.

To obtain a 15-year refinance, your lender will have you complete a similar process to the one you completed when you first took out your mortgage. You’ll also need to calculate the amount remaining on your existing mortgage, the origination fee and other applicable loan fees and any down payment amounts or discount points needed to finalize the refinance. This will tell you whether you can afford the loan and what you’ll save by refinancing.

These costs, along with the principal and interest, are rolled into a new mortgage at the current interest rate and scheduled for a 15-year payoff term.

New mortgage terms

When refinancing your mortgage loan, your refi lender has the opportunity to set new mortgage terms. This can work in your favor, especially if interest rates have dropped or your mortgage lender is offering promotional terms for refinancing. Be sure to compare the loan terms — including interest rate, repayment schedule, loan origination fees and early payoff penalties — to your current loan terms, though, to make sure refinancing makes good financial sense before moving forward.

Higher monthly payments vs. less interest cost

If your interest rates go down, our monthly payment amount will still go up with a 15-year mortgage refinance. That’s because you’re cutting your repayment schedule in half — so higher payments are required to pay the loan back in that time frame.

Still, lowering your interest rate and paying off your mortgage sooner will still save you money in the long run. If, for example, you have 22 years remaining on a $300,000 mortgage at 4.5% interest, your monthly payments would be approximately $1,520 and you would have about $401,295 left to pay on your mortgage.

With a 15-year refinance at 3.25% interest, your monthly payments would increase to $2,085.50, but your mortgage would be paid off seven years sooner and save you over $25,000 in interest over the life of the refinance.

[Read: How a Simple Mortgage Refinance Saved Me From Credit Collapse]

Pros and cons of a 15-year mortgage refinance

ProsCons
Lower interest ratesMonthly payment amount will increase
Savings over the loan lifeLenders may change loan terms
Become debt-free soonerAdditional closing costs

How to choose the best 15-year mortgage refinance for you

  1. Conduct a thorough credit review. If you haven’t checked your credit recently, you’ll want to start the process of shopping for a refinance by making sure your credit is in pristine condition. Even a 20 point decrease in your credit scores can easily cost you a ton in additional interest on your loan.
  2. Compare refinance rates. Mortgage rates are based on the national prime rate, but they still vary considerably from lender to lender. Some lenders also specialize in working with borrowers with bad credit or other unique situations, so shop around and find the best rates for your needs.
  3. Apply for the loan. Most lenders don’t charge an application fee unless you finalize the loan, so it doesn’t cost anything to apply in many cases. A completed application will also give you the most realistic sense of your expected loan terms and monthly payments after refinancing, so take the time to complete the application process. For the best comparison, you may even want to apply to your top two or three lenders.
  4. Negotiate fees. Although most mortgage lenders don’t like to advertise that their fees are negotiable, in most cases, they absolutely will adjust their fees to secure the loan. If you have two or three loan offers, you can use those offers to negotiate the lowest fees with your top choice.
  5. Run the numbers. Your lender will provide you information on your loan estimate and terms, including your expected monthly payment and interest rate. What the loan estimate won’t tell you is whether the loan makes good financial sense for you. Compare the fees, monthly payment, expected payoff date and overall mortgage costs to your existing loan and make sure it makes good financial sense to refinance.
  6. Lock your loan. None of the numbers are set in stone until you sign the paperwork. Some borrowers prefer to wait and not “lock in” until the mortgage refinance has been completely approved and is ready to close. If mortgage rates drop between the time you apply and the time your underwriting department processes the paperwork, this can work in your favor. But if mortgage rates increase during the processing time, this could cost you money and maybe even jeopardize your mortgage qualification. Most lenders offer you an opportunity to lock in your loan rate on the front end at the current rate, which guarantees your interest rate will not increase as long as the loan closes within a specified time period. As with all aspects of personal finance, consider what makes the most financial sense for your situation and sign the appropriate paperwork with your lender.

Mortgage refinance FAQs

It’s best to refinance your mortgage when you can take advantage of different loan terms that will benefit you financially. This may include lower interest rates, lower monthly payments or shorter payoff schedules. The benefits that are the best for you will depend on your financial goals and the remaining balance on your existing mortgage loan. Before securing a refinance loan, compare the new terms and make sure the new loan terms align with your financial goals.

The benchmark refinancing rate for 30-year mortgages was 3.22% as of Aug. 21 and the benchmark refinance rate for 15-year mortgages was 2.750%. Mortgage rates vary by lender and rates change daily, but rates below the national average are considered competitive. The best mortgage refinance rates right now are below 2.50% for borrowers with excellent credit.

For borrowers who want to pay down debt even faster, a 10-year mortgage refinance offers similar terms and interest rates to a 15-year refinance with a shorter payoff term. Interest rates on 15-year loans and 10-year loans are often similar or identical, but borrowers who opt for a 10-year refinance build equity faster and save money on interest with a shorter repayment term. They’ll also have to make higher payments, though, because a 10-year loan shaves five years off the repayment schedule.

Methodology

InfoScore

We’ve created the InfoScore to help you objectively compare products and services here at Info Readers USA.

Our editorial team:

  • Identifies five factors to compare across each brand
  • Determines the rating criteria for each factor
  • Calculate an average of those five factor scores to get one InfoScore

We break down each of these five factors and their rating criteria for our review of the best mortgage companies.

Why do some brands have different InfoScores on different pages?

Some brands like Bank of America, Wells Fargo, and Chase have different InfoScores because they offer more than one financial solution — like home loans, auto loans, personal loans and more.

For instance, in our Bank of America Mortgage Review, we give the company a 3.8 out 5 based on our five rating factors for mortgages. In our Bank of America Auto Loans Review, we give the company a 4.4 out of 5 based on our rating factors for auto loans. By tailoring our InfoScore to each financial solution, we’re able to give you a more accurate view of a brand’s services and how it compares to competitors’ services.

Perks

Mortgage lending companies that provide more perks receive a higher score from us.

Hard/Soft credit checks

We know that credit checks affect your score –– that’s why we favor companies that offer soft credit checks or hard credit checks when you want to see your pre-approval rates.

Customer satisfaction

We use the J.D. Power 2019 Mortgage Origination Satisfaction Study℠ to find out how customers rate their experience with each company. (If a company is not included in J.D. Power’s study, we skip this rating factor and average the remaining factor scores.)

Product variety

Mortgage lenders that offer more products for their home loans are given higher scores.

Fees

Fees can add up fast. Companies that don’t require as many fees for your home loan receive a higher score with us.

Julia Taylor

Contributing Writer

Julia Taylor is a freelance writer based in Nashville, TN. She takes complex business, financial, and technical topics and makes them easy to understand. You can find her work published on a variety of business blogs, including Paychex, Kapitus, Sanford Brown, Fortis Educational Institutes, American University of Antigua and Interest.com

Reviewed by

  • Angelina Stallard
    Angelina Stallard
    Mortgage Editor

    Angelina Stallard is an editor at Info Readers USA who specializes in mortgages, mortgage refinancing, home equity loans, and HELOCs. She is a former contributing editor to Interest.com and PersonalLoans.org.