15-year fixed refinance 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 refinance loan.
• 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-advantaged¹ 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.

Consider refinancing to a 15-year fixed mortgage:

• If doing so will reduce the rate on your loan by 1% or more
• If you currently have an adjustable-rate mortgage and are looking for the security of a fixed-rate mortgage
• If you want to be mortgage debt-free within 15 years
• If you can afford the higher monthly payment in exchange for a lower total cost of borrowing
• If you want to tap into your home's equity for cash out without a home equity loan or line of credit

A U.S. Bank mortgage loan officer can help you decide if refinancing to a 15-year fixed mortgage is a good option for you. We also offer 20- and 30-year fixed refinance options. Check out today’s rates for 20-year fixed and 30-year fixed refinance loans. If you’re curious about the costs associated with refinancing, use our mortgage refinance cost calculator to get an estimate of how much it will cost.