US 15-year mortgage interest rate
US 15-year mortgage interest rate stood at 6.71% on Oct 15, 2026, according to FRED (Federal Reserve Bank of St. Louis). It is one of the indicators in the Market interest rates table (Value · Daily), with a complete series running from Aug 30, 1991 to Oct 15, 2026. The complete series with an interactive chart, free to download.
This indicator in the Market interest rates table
| Indicator | 15-10-2026 | 14-10-2026 | 13-10-2026 | 12-10-2026 | 09-10-2026 | 08-10-2026 | 07-10-2026 | 06-10-2026 | 05-10-2026 | 02-10-2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 15-year fixed mortgage rate | 6.71 | 6.73 | |||||||||
| Bank prime interest rate | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | |||
| Discount window interest rate (primary credit) | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
Understanding US 15-year mortgage interest rate
This series records the average interest rate for fixed-rate mortgage loans with a shorter repayment period than long-term mortgages in the same table. The scope mainly covers standard loans secured by residential real estate; the displayed rate does not represent floating-rate loans, specialized refinancings, or total costs after adding fees. Shorter maturities typically result in larger periodic payments, offset by a lower total duration of interest exposure and lower maturity risk.
For a valid comparison, this series should be placed alongside long-term mortgage rates for the same day, observing the spread between the two levels. Narrowing or widening spreads may reflect changes in the yield curve, hedging demand, and credit conditions. Affordability should not be inferred from interest rates alone, as house prices, down payments, and income also determine periodic obligations. An individual quote can differ significantly from the chart's average.
Frequently asked questions
- Why are short-term interest rates typically lower than long-term ones?
- Lenders face interest rate risk for a shorter duration, so the term premium is usually smaller.
- Does a lower interest rate mean a lower periodic payment?
- No. A shorter repayment period makes the principal due in each period larger.
- Can this series be used to estimate refinancing costs?
- The series only indicates the interest rate level; refinancing decisions must also factor in fees, outstanding balance, and expected holding period.