An overview of the 15-year fixed mortgage rates
The 15-year fixed mortgage rate, as the name suggests, is a fixed rate of interest on repayment that stays uniform for a tenure of 15 years. It is a good option for people who have a good credit score and a stable income. One of the main reasons to opt for a 15-year fixed mortgage rate is the amount that goes out of your account monthly. Since it stretches over a period of 15 years, it does not add up to large sums of money that go out of your pocket every month.
In addition, the changing condition of the market won’t affect your rate since it is fixed and you may easily put it as a significant expense in your monthly budget. Also, when you compare it to a 30-year period, the interest rates are lower, thereby making it an excellent choice for people who want to repay their loans off faster by saving more money on repayment.
Different mortgage lenders offer different 15-year fixed mortgage rates. The rates change as per the performance of the market. Keep checking the official websites to get the decided rates for that day. Following are the most recent rates offered by three top lenders:
- Quicken Loans
The interest rate for a 15-year fixed mortgage is 4.125% while the Annual Percentage Rate (APR) is 4.577%. The rates are one of the best in the market and take in consideration parameters such as single-family, primary residence, possession of an escrow account, and a credit score of 740.
- Wells Fargo
Wells Fargo is a trusted lender and in order to avail of the best 15-year fixed mortgage rates of 4.250% (interest rate) and 4.808% (APR), you need to have a good credit score. For 15-year fixed rates of jumbo loans, the interest rate is 4.375% and the APR is 4.412%. The mortgage rates are dependent upon your current financial situation and the condition of the market. Hence, it is advisable to call the agent to get the best rates.
- JP Morgan Chase
The 15-year fixed mortgage rates offered by Chase are 4% and the APR is 4.149%, which is quite low as compared to the other lenders. These rates are not available in every state and are drawn out keeping in mind parameters such as single family residence, down payment of 20%, excellent credit score, purchase loan and conforming loan amounts between $200,000 to $249,999.
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