A 15-year mortgage gives new homebuyers and current homeowners alike an opportunity to pay off their mortgage quicker and save on interest. Explore Greater Nevada Mortgage’s mortgage rates and see rate quotes updated daily below.
15-Year Mortgage Rates
Get in the Game!
Beat Other Homebuyers Stuck on the Sidelines
We’re here to help you meet your homeownership goals—like buying your first or next home, or consolidating debt or accessing cash by refinancing. We also prioritizes speed for clients, with an average turnaround of only 21 days from application completed to ready to close for purchase loans!1
Current 15-Year Home Loan Rates
Questions? Contact us and we’ll be happy to help answer them!
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Conforming 15 Year Loan
- Rate 7.000%
- APR 7.057%
Everyone Deserves a Home
According to the National Alliance to End Homelessness, over 7,600 Nevadans experience homelessness on any given night. GNM’s Keys to Greater program donates a portion of the revenue from every new mortgage or refinance to community nonprofit organizations that address homelessness, and since launching in 2021, over $200,000 has been donated!
Common Questions About 15-Year Mortgage Rates
If you’re wondering about the pros and cons of a 15-year mortgage vs. a 30-year mortgage, our home loan professionals have compiled a guide just for you.
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What is a 15-year mortgage?
A 15-year mortgage is a home loan for the purpose of purchasing a new residence or refinancing an existing one with a term lasting 15 years (or 180 monthly payments). This differs from a 30-year mortgage in three ways: the length of the loan, the number of payments and the overall interest paid over the course of the loan.
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Who is a 15-year mortgage best for?
A mortgage’s interest rates is the current market rate for that loan program and your scenario. On the other hand, the APR provides a more comprehensive look at a loan because it includes other costs and fees associated with the loan.
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Are 15-year mortgage rates lower than 30-year mortgage rates?
Although the annual percentage rates (APR) on 15- and 30-year mortgages tend to be similar, the borrower who pays off a 15-year mortgage will end up paying less in interest over time because the loan is of a shorter length. Learn more about 30-year mortgage rates.
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What’s the difference between interest rate and annual percentage rate (APR)?
A mortgage’s interest rates is the current market rate for that loan program and your scenario. On the other hand, the APR provides a more comprehensive look at a loan because it includes other costs and fees associated with the loan.
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What are the different types of mortgage loans with a 15-year term option?
Greater Nevada Mortgage currently offers a 15-year term option for the following home loans:
Learn more about types of home loans from the pros at Greater Nevada Mortgage.
Pros and Cons of 15-Year Mortgages
- Potential to pay off your loan in half the time of a 30-year mortgage
- Ability to pay off your loan even earlier without prepayment penalties
- Build equity faster
- Pay less interest vs. a 30-year mortgage
- Current homeowners can refinance for up to 97% of the home’s value
- Higher monthly payments due to shorter loan term
- You might not qualify for the same homes that you would with a 30-year loan
- Less disposable cash each month
- Higher risk of financial hardship if the borrower can’t pay the higher 15-year loan amount in the case of an unforeseen emergency or life event
Next Steps to Lock in Your Rate
Calculate What You Can Afford
See how much you can afford to borrow on your home purchase with our mortgage calculator.
Submit Your Application
It’s quick. It’s easy. It’s online. Plus, we have a mortgage documents checklist so you know what information to gather.
Let’s Chat
All your home loan questions are answered by your dedicated Mortgage Consultant and their team as you learn about what options work best for your goals.
1Average purchase loan turnaround time is based on application completion to final approval, with all required conditions and guidelines being met awaiting the Close of Escrow date, for October 2024. This is not a guaranteed timeframe for all loan applications. Each loan transaction is different, and individual turnaround times will vary.