All of the banks on our list are charging borrowers between 2.50% and 2.625% with no points.
These rates are more than a full percentage point below the average 30-year fixed-rate mortgage cost — 3.73%.
Top 15-year Mortgage Rates From Banks
|AimLoan||2.50%||$1,995||All states except Nevada|
|RockBottom Mortgage||2.625%||$445||Florida, Illinois, Michigan and Tennessee|
|Sebonic Financial||2.625%||$1,900||All states except Massachusetts|
|United Mutual Funding Corp.||2.625%||$1,795||Florida and Maryland|
AimLoan: Headquartered in San Diego, it enjoys an A+ rating from the Better Business Bureau. AimLoan is a direct lender, meaning that your fees may be lower than if you use a mortgage broker.
RockBottom Mortgage: Gets an A rating from the Better Business Bureau and is headquartered in Des Plaines, Illinois. It charges borrowers a flat fee per loan and doesn’t pay commissions to its loan officers, which keeps your interest rate down.
Sebonic Financial: Headquartered in Charlotte, North Carolina, it has an A– rating from the Better Business Bureau. This online lender makes it convenient to apply for a mortgage by letting you upload the documents required to process your loan through a secure website.
United Mutual Funding Corp.: Gets an A+ Better Business Bureau rating and is based in Brandon, Florida. This direct lender says it will pay you $1,000 cash if you find a better interest rate and fees from another lender.
15-Year Mortgage Deals From Credit Unions
While several larger banks are offering great 15-year mortgage rates, it’s worth checking at credit unions and local institutions as well. You may find a better deal.
For example, Teachers Federal Credit Union is offering mortgages at 2.5% with $853.50 in fees to borrowers who live, work (or regularly conduct business), worship or attend school in Nassau County, New York, and some parts of Suffolk County, New York. You can apply in person or online.
And Langley Federal Credit Union is offering mortgages at 2.50% with $495 in fees to borrowers who work or attend school in Virginia or who join a qualifying local organization. It has an A+ Better Business Bureau rating and is headquartered in Newport News, Virginia.
Finding the Best Mortgage Rates
Even if you don’t live in the areas served by these banks and credit unions, their low rates and fees provide a great blueprint to follow. Find a deal like these in your neck of the woods, and you’ll know you’ve found a great one.
Get started by searching Bankrate’s database for the best mortgage rates from scores of other lenders in your area.
What you’ll pay
The biggest drawback to short-term loans like these is that the monthly payments are higher. For a 15-year loan at 2.50%, the principal and interest payment would be $667 a month for every $100,000 borrowed, or $1,334 on a $200,000 loan. With a rate of 2.625%, your principal and interest payment would be $673 a month for every $100,000 borrowed, or $1,345 on a $200,000 loan.
You can use our mortgage calculator to determine the monthly payments for the amount you want to borrow with this or any home loan.
It will also provide a month-by-month amortization schedule that shows how much you’ve reduced your debt and how much you still owe if you want to pay off the loan.
Shorter-term loans are particularly popular with borrowers who want to save tens of thousands of dollars in interest by paying off their loans more quickly.
See how much interest you’d save by paying off your home loan early using our 15-year home loan vs. 30-year home loan mortgage comparison calculator.
Borrowing requirements vary by lender, but to qualify for these low rates, you’ll typically need to:
- Be borrowing $417,000 or less.
- Have a credit score of 740 or better.
- Be buying a home or refinancing no more than the outstanding balance of your current home loan.
- Make a down payment of at least 20% if you’re buying.
- Hold 20% or more of the equity in your home if you’re refinancing.
In addition, some lenders may require you to maintain an escrow account for property taxes and homeowners insurance to get the best interest rate.