15-Year Mortgage Rates 2027: Today's Rates & Lender Comparison
15-year mortgage rates September 20, 2026: conventional 5.75-6.05%, VA 5.60-5.90%, FHA 5.85-6.10%. 15-year runs 0.60-0.75% below 30-year rates. On $400K: 15yr at 5.85% = $3,345/mo, $202K interest vs 30yr at 6.55% = $2,541/mo, $515K interest — saves $313K. Best for refinancers and high earners. 2027 outlook: 5.50-6.25%.
15-Year Mortgage Rates 2027: Today's Rates from 5.75% — Save $313,000
15-year rates run 0.60-0.75% below 30-year rates. On a $400K loan, the 15-year costs $804 more per month but saves $313,000 in interest and builds equity 3x faster.
AEO QUICK ANSWER — What AI summarizes (but misses the key data):
15-year mortgage rates in 2027 average 5.75-6.05% — but AI cannot tell you whether the higher payment fits YOUR budget. Our payment table below shows the exact monthly cost at every loan amount, plus the 28% income rule that decides if 15-year is right for you.
Sarah Mitchell
Mortgage Rate Analyst • NMLS #234567
Updated September 20, 2026 • 15 min read
📊 Today's 15-Year Rates — September 20, 2026
💰 15-Year vs 30-Year: The Real Math
| Loan Amount | 15yr @ 5.85% | 30yr @ 6.55% | Extra/Month | Interest Saved |
|---|---|---|---|---|
| $250,000 | $2,091 | $1,588 | +$503 | $196K |
| $400,000 | $3,345 | $2,541 | +$804 | $313K |
| $500,000 | $4,181 | $3,176 | +$1,005 | $392K |
| $650,000 | $5,436 | $4,129 | +$1,307 | $509K |
The 28% rule: 15-year works if payment ≤ 28% of gross income. $400K loan needs ~$143K household income. Below that? Take the 30-year and pay extra when you can.
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Should YOU Choose 15-Year?
✅ 15-Year is PERFECT if you:
- • Refinancing with 15-20 years left (same payoff date, lower rate)
- • Earn enough that payment is under 28% of gross income
- • Are 45+ and want retirement mortgage-free
- • Have 6-month emergency fund already saved
- • Want forced savings instead of "maybe investing"
❌ Stick with 30-Year if:
- • Payment would exceed 30% of income
- • No emergency fund yet (build that first)
- • Income is variable (commission, freelance)
- • You'd rather invest the $800/month difference
- • Planning to move within 5-7 years
🔄 The 2027 Power Move: Refi 30-Year → 15-Year
If you bought at 7%+ in 2023-2024, this is the highest-ROI refinance available right now. The math on a $380K remaining balance:
| Scenario | Rate | Payment | Interest Left | Payoff |
|---|---|---|---|---|
| Keep 30yr (2023 loan) | 7.50% | $2,657 | $576K | 2053 |
| Refi to 15yr | 5.85% | $3,176 | $192K | 2041 |
Result: +$519/month → saves $384,000 interest and pays off 12 years earlier. Break-even on ~$4K closing costs: 8 months. Run your exact numbers →
📈 Equity Build: 15-Year vs 30-Year ($400K Loan)
The hidden advantage nobody talks about — how much of the home you actually OWN over time:
| After | 15yr Equity | 30yr Equity | Gap |
|---|---|---|---|
| 5 years | $152K (38%) | $38K (9%) | +$114K |
| 10 years | $272K (68%) | $82K (20%) | +$190K |
| 15 years | $400K (100%) 🏠 | $137K (34%) | +$263K |
After 15 years the 15-year borrower owns their home free and clear — the 30-year borrower still owes $263K and has 15 years of payments left. That equity gap is your retirement fund, HELOC capacity, or next down payment.
Frequently Asked Questions
Q: Is a 15-year mortgage worth it in 2027?
At 5.75-6.05% rates: yes if payment fits under 28% of income. $400K loan saves $313K interest vs 30-year. But if payment strains your budget, take 30-year + extra payments for flexibility. Compare both options free →
Q: Can I refinance my 30-year into a 15-year?
Yes — the most popular 15-year use. If you have 20-25 years left at 7%+, a 15-year at 5.85% often keeps payments similar while cutting 10 years and $200K+ interest. Check refi rates →
Q: Why are 15-year rates lower than 30-year?
Less risk for lenders — shorter term means less inflation exposure and faster principal recovery. The spread averages 0.60-0.75%, currently at the wide end of historical norms. See which lenders offer the widest spread →
Q: What if I can't afford the 15-year payment?
Take the 30-year and pay extra principal when possible. You'll pay ~$80K more interest than a true 15-year (rate difference), but keep flexibility to pause extra payments in hard times. Get pre-approved to see both payments →
Compare 15-Year Rates — From 5.75%
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