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
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 7.375%
- APR 7.433%
Everyone Deserves a Home
According to the National Institute to End Homelessness, over 7,600 Nevadans experience homelessness on any given day, with nearly 20% being children and teens. Our Keys to Greater program donates a portion of the revenue from every new mortgage or refinance to community nonprofit organizations that address homelessness, which has resulted in $190,000 donated since launching in 2021.
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 experts 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.
APR = Annual Percentage Rate. APR is the cost to borrow money expressed as a yearly percentage. For mortgage loans, excluding home equity lines of credit, it includes the interest rate plus other charges or fees.
Rates and terms are subject to change without notice. Rates are for illustrative purposes only, and assumes a borrower with a credit score of 700 or higher which may be higher or lower than your individual credit score. Adjustable Rate Mortgage (ARM) loans are subject to interest rate, APR, and payment increase after each change period. For instance, a 5/5 ARM means that you will pay a fixed rate for the first five years of the loan, and then your rate is subject to change once every five years thereafter through the remainder of the loan. Interest rates and APRs are based on current market rates, and may be subject to pricing add-ons related to property type, loan amount, loan-to-value, credit score and other variables. Depending on loan guidelines, mortgage insurance may be required. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment. Your loan’s interest rate will depend upon the specific characteristics of your loan transaction and your credit history up to the time of closing. The estimated total closing costs in these rate scenarios are not a substitute for a Loan Estimate, which includes an estimate of closing costs, which you will receive once you apply for a loan. Actual fees, costs and monthly payment on your specific loan transaction may vary, and may include city, county or other additional fees and costs. Not all loan options are available in every state. Borrower is responsible for any property taxes as a condition of the loan. Membership with Greater Nevada Credit Union is required for select loan options. This is not a credit decision or a commitment to lend.
Please contact a Mortgage Consultant to learn about all details on loan options and programs available. You may contact one directly, or call Greater Nevada Mortgage at 775-888-6999 or 800-526-6999. We do business in accordance with the Federal Fair Housing Law and the Equal Opportunity Act, and the California Fair Employment and Housing Act.