Purpose
Refinance Purchase Home Equity

Loan Type
Fixed ARM Interest Only FHA

Amount

State
Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District Of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming

Display Mortgage Rates &
Refinance Rates in your State

What Is The Average 15 Year Fixed Mortgage Rate?

By Ann White

What is the average 15 year fixed mortgage rate?  Read here to find out what can affect your 15 year fixed mortgage rate!

When deciding which mortgage product to select, many people choose a 15-year mortgage.  They choose the 15 year mortgage because it has fixed payments and comes with a low interest rate.  While the average rate is low, various factors could affect your 15-year mortgage rate.

Your Credit History

The first aspect which could affect whether or not you get the average 15 year fixed mortgage rate is your credit history.   The average 15 year mortgage rate that is advertised is often reserved for individuals with very good credit scores.  If you have a credit score below 720, you should expect to receive a higher interest rate.  Those with very poor credit scores should expect to pay up to 1% more for their 15-year mortgage.

Your Down Payment

Another aspect which could affect whether or not you get the average 15 year fixed mortgage rate is your down payment.  The average 15 year mortgage rate that mortgage lender’s advertise is for those people who are willing to put forth at least a 20% down payment.  If you have a down payment that is less than 20%, your interest rate will be higher.  The mortgage lender may also require you to pay private mortgage insurance if you do not have a large down payment.

Location of Your Home

The third which could affect whether or not you get the average 15 year fixed mortgage rate is the location of the home you are buying.  The average 15 year mortgage rate tends to be higher in areas that have suffered from either falling housing prices or areas with high rates of mortgage defaults.  If your home is in one of these areas, the interest rate you receive will be above the average rates.

Related posts:

1. What Is The Average 30 Year Fixed Mortgage Rate?
2. Why Should I Get A 30 Year or A 15 Year Fixed Mortgage Rate?
3. What Are Mortgage Interest Rates For An Average Credit Score?
4. Should I get a 30-year or a 15-year fixed mortgage?
5. Is a 50 Year Fixed Mortgage Really a Good Idea?