This is a graph of combined average interest rates for 15-year fixed-rate mortgages over the last six months, derived from data gathered as part of HSH's editorial surveys. The weekly 15-year FRM data that populates this graph of average rates can be seen in HSH's Statistical Release; fresh daily updates to the average for the 15-year fixed-rate mortgage can be found on our page of today's mortgage rates.
Although payments are stable throughout the life of the loan, they are higher than loans with a longer repayment period. This makes 15-year loans more popular with trade-up homebuyers and especially refinancers, who tend to have smaller loan balances, which limits the payment increase even while chopping total interest costs and accelerating the equity building process.
For a longer review of rates, see our three-year trend graph of 15-year fixed rate mortgages.
HSH's combined averages give a realistic picture of local mortgage markets, particularly important in high-cost areas.