Check out current refinance rates for a 15-year conventional fixed-rate loan.

These rates and APRs are current as of $date and may change at any time. They assume you have a FICO® Score of 740+ and at least 25% equity, that the loan is for a single-family home as your primary residence and that you will purchase up to one mortgage point.

Mortgage points, or discount points, are a form of prepaid interest you can choose to pay up front in exchange for a lower interest rate and monthly payment. One mortgage point is equal to about 1% of your total loan amount, so on a $250,000 loan, one point would cost you about $2,500. Connect with a mortgage loan officer to learn more about mortgage points.

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Mortgage refinance calculator

See if refinancing is right for you and how much you could save with our mortgage refinance calculator.

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Step 1

Get prequalified for a basic estimate of what you may be able to borrow.

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Step 2

Start your application if you’re ready to refinance your mortgage.

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Get answers to common questions.

A 15-year fixed rate mortgage is a home loan with a repayment period of 15 years. It has an interest rate that does not change throughout the life of the loan.

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 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 compared to a 30-year loan term.

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.

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:

  • You currently have an adjustable-rate mortgage and are looking for the security of a fixed-rate mortgage
  • You want to be mortgage debt-free within 15 years
  • You can afford the higher monthly payment in exchange for a lower total cost of borrowing
  • 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.

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Disclosures

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rates and program terms are subject to change without notice. Mortgage, home equity and credit products are offered by U.S. Bank National Association. Deposit products are offered by U.S. Bank National Association. Member FDIC.

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  1. Conforming fixed-rate loans: The annual percentage rate (APR) calculation assumes a $464,000 fixed-term loan with 25% borrower equity and borrower-paid finance charges of 0.862% of the loan amount, plus origination fees if applicable. If the borrower equity is less than 20%, mortgage insurance may be required, which could increase the monthly payment and the APR. Conforming rates are for loan amounts not exceeding $766,550 ($1,149,825 in Alaska and Hawaii).

  2. Annual percentage rate (APR) represents the true yearly cost of your loan, including any fees or costs in addition to the actual interest you pay to the lender. The APR may be increased after the closing date for adjustable-rate mortgage (ARM) loans.

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The rates shown above are the current rates for the purchase of a single-family primary residence based on a 45-day lock period. These rates are not guaranteed and are subject to change. This is not a credit decision or a commitment to lend. Your final rate will depend on various factors including loan product, loan size, credit profile, property value, geographic location, occupancy and other factors.

To lock a rate, you must submit an application to U.S. Bank and receive confirmation from a mortgage loan officer that your rate is locked. An application can be made by calling 888-291-2334, by starting it online or by meeting with a mortgage loan officer.

Minnesota properties: To guarantee a rate, you must receive written confirmation as required by Minnesota Statute 47.206. This statement of current loan terms and conditions is not an offer to enter into an interest rate or discount point agreement. Any such offer may be made only pursuant to subdivisions 3 and 4 of Minnesota Statutes Section 47.206. 

Calculators are provided by Leadfusion. This calculator is being provided for educational purposes only. The results are estimates that are based on information you provided and may not reflect U.S. Bank product terms. The information cannot be used by U.S. Bank to determine a client's eligibility for a specific product or service. All financial calculators are provided by the third-party Leadfusion and are not associated, controlled by or under the control of U.S. Bank, its affiliates or subsidiaries. U.S. Bank is not responsible for the content, results, or the accuracy of information.