15 yr loan rates: factors, trends, and tips

Why these rates matter

A 15-year mortgage can shave years off repayment and reduce total interest, but monthly payments are typically higher than a 30-year. Understanding how lenders set prices helps you decide when to lock.

Key drivers to watch

Economic signals like inflation expectations, bond yields, and central bank policy move pricing day to day. Lender-specific costs, credit risk, and loan size also play roles. Your credit score, down payment, debt-to-income, and occupancy type can narrow or widen the final offer.

• Rate versus points: pay points to cut the note rate, or keep cash and accept a higher rate.
• APR perspective: compares costs across quotes, not just the headline rate.
• Lock period length: longer locks often add a small premium.
• Rate caps on float-down options: understand rules before relying on them.

What to expect when shopping

Request written quotes from at least three lenders on the same day, same assumptions. Ask for both par and buydown scenarios, verify prepayment rules, and consider break-even on any points. Reprice just before signing if markets moved.