15-year fixed mortgage rates

The main advantages of a 15-year fixed mortgage are outlined below. An experienced U.S. Bank mortgage loan officer can help you learn more.

• Stability – You’ll be able to lock in the interest rate on your mortgage for the entire 15-year term. This gives you a degree of predictability you won’t have with an adjustable-rate mortgage (ARM).
• Lower interest rate – Interest rates on 15-year loans are usually lower than on 30-year loans.
• Less time to own your home – With a 15-year term, you’ll pay off your loan in half the time of the more common 30-year term loan.
• Lower total cost of borrowing – Between a lower interest rate and a shorter term, you'll reduce the total interest you pay over the life of the loan.

A fixed-rate mortgage gives you predictability regardless of term. Consider choosing a 15-year term over a 20- or 30-year term if:

• You can afford the higher monthly payment of a 15-year loan versus the 20-or 30-year loan. If you’re unsure, visit our 15- vs. 30-year mortgage calculator to estimate your 15-year fixed mortgage monthly payment.
• You expect your source of income to be consistent over the next 15 years
• You have at least 6 months of savings set aside for emergencies
• You have paid off all higher-interest debt
• You have maximized contributions to all tax-advantaged² accounts

U.S. Bank offers a variety of loan terms and options. Our mortgage loan officers are dedicated to helping you choose the option that’s best for you.