Updated November 2026. Rates from Freddie Mac’s Primary Mortgage Market Survey for the week of October 29, 2026. Payment math is our own, principal and interest only. Beycome doesn’t quote mortgage rates.
A 15-year mortgage costs more each month but far less overall than a 30-year. At Freddie Mac’s October 29, 2026 averages (6.60% for 15 years, 7.24% for 30), a $320,000 loan runs $2,805 a month on 15 years versus $2,181 on 30. That’s $624 more a month, but about $280,000 less interest over the life of the loan.
Jump to: 📈 Rates now · 💲 Payment and interest · 🏠 Equity over time · 🔁 The middle path · 🤝 Which fits you · ❓ FAQ
Key takeaways
- The 15-year rate averaged 0.64 points below the 30-year in Freddie Mac’s October 29, 2026 survey.
- On $320,000, the 15-year loan pays about $12,900 of principal in year one; the 30-year pays about $3,100.
- Paying the 15-year amount on a 30-year loan clears it in about 16 years, with the option to drop back if money gets tight.
- The right term depends on your cash cushion and other goals, not just the rate.
Buying in Florida? You can get pre-approved with Beycome Mortgage (NMLS #2523620, licensed in Florida only) and compare both terms on real numbers. Anywhere we operate, the Beycome buyer program has no upfront fee.
What are 15-year and 30-year mortgage rates right now?
Freddie Mac’s Primary Mortgage Market Survey put the 30-year fixed at 7.24% and the 15-year fixed at 6.60% for the week of October 29, 2026. A week earlier they were 7.32% and 6.68%. A year earlier they were 6.17% and 5.41%.
These are national averages from loan applications submitted to Freddie Mac. They’re a benchmark, not a quote. Your rate depends on your credit score, down payment, loan type, points and the day you lock. Freddie Mac publishes the survey each Thursday at noon ET.
The spread between the two terms is the part that matters for this decision. Lenders charge less on a 15-year loan because they get their money back sooner, with less time for rates to move against them. In this survey, that gap is 0.64 percentage points.
15 vs 30 year mortgage: how much more is the monthly payment?
Here’s one loan, two terms. We used a $320,000 balance, which is what you’d borrow on a $400,000 home with 20% down, and the October 29 averages. Taxes, insurance and HOA dues would sit on top of these numbers in both cases.
| $320,000 loan | 15-year at 6.60% | 30-year at 7.24% |
|---|---|---|
| Monthly principal and interest | $2,805 | $2,181 |
| Difference each month | $624 more | Baseline |
| Total interest over the loan | $184,930 | $465,086 |
| Principal paid in year one | $12,928 | $3,103 |
| Balance left after 7 years | $208,787 | $292,744 |
That $280,156 interest gap is the headline number. The catch is the $624 a month. It’s real money every month for 15 years, and it’s locked in. Miss a payment and the lender doesn’t care that you’ve been ahead.
A quick gut check. Can you pay the 15-year amount and still put money into savings and retirement each month? If yes, the shorter term is worth a hard look. If the bigger payment would empty your cushion, the 30-year is the safer pick, and you can still pay extra when it suits you.
Before you lock, compare offers on the same day. The CFPB’s guide to compare your loan offers shows what to line up on each Loan Estimate.
How fast do you build equity with a 15-year vs a 30-year?
Much faster on the 15-year. Early payments on any mortgage are mostly interest, because interest is charged on a big balance. On the 30-year at 7.24%, about $23,000 of the first year’s payments go to interest and only about $3,100 to principal. On the 15-year at 6.60%, about $20,700 goes to interest and about $12,900 to principal.
That shows up when you sell. Most people don’t keep a loan for its full term. If you sell after 7 years, the 15-year borrower owes about $84,000 less than the 30-year borrower on the same house. That’s cash in your pocket at closing, before any change in the home’s value.
Curious how the payoff works on sale day? Our guide on what happens to your mortgage when you sell walks through it.
Can you get 15-year savings with a 30-year loan?
Partly. You can take the 30-year loan and pay extra toward principal. You keep the lower required payment as a safety net, but you pay the 30-year rate on every dollar, so you never quite match the 15-year math.
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Buy a home →| Strategy on $320,000 | Payoff time | Total interest |
|---|---|---|
| 30-year, minimum payment ($2,181) | 30 years | $465,086 |
| 30-year plus $300 a month ($2,481) | About 20 years 11 months | $301,183 |
| 30-year at the 15-year payment ($2,805) | About 16 years 2 months | $223,559 |
| 15-year loan ($2,805) | 15 years | $184,930 |
Paying the same $2,805 on the 30-year loan costs about $38,600 more interest than the true 15-year loan. That’s the price of flexibility. For some families it’s worth it. Check your loan has no prepayment penalty and tell the servicer extra money goes to principal.
Refinancing is the other lever. If rates drop later, you can refinance a 30-year into a 15-year, though closing costs apply. See smart refinancing moves for when that pencils out.
Which mortgage term fits your situation?
There’s no universally right answer. Here’s how we’d think about it.
- A 15-year often fits if your income is steady, you have 3 to 6 months of expenses saved, you’re already saving for retirement and you want to be debt-free sooner.
- A 30-year often fits if you’re a first-time buyer stretching to qualify, your income varies, you want room for other goals, or you’d rather invest the difference.
- The middle path fits if you want the 15-year results but need the safety of a lower required payment.
Qualifying matters too. A higher payment raises your debt-to-income ratio, so some buyers qualify for a bigger loan on a 30-year term than a 15-year. Ask your lender to run both before you house-hunt. Our guides to choosing the right loan type, your options for getting a mortgage and getting a mortgage when your credit isn’t great cover the rest. Our explainer on loan commitment fees covers the lender charges that sit beside the rate.
Ready to buy? With the Beycome buyer program, you pay no upfront fee. On homes where the seller offers buyer-agent compensation, Beycome keeps 1% of the price (minimum $1,499) and credits the rest to you at closing, with lender approval. Rules on buyer credits vary by state. It doesn’t apply to most homes sold by owner or homes listed by Beycome sellers. 22,000+ have used Beycome (Beycome internal data, October 2026). For the closing, Beycome Title works in Florida and Texas, and in Michigan, Ohio, Illinois and Indiana starting November 2, 2026.
15 vs 30 year mortgage: FAQ
Is a 15 or 30 year mortgage better?
A 15-year saves a lot of interest and builds equity faster. A 30-year has a lower payment and more breathing room. Pick the one whose payment you can carry while still saving.
How much lower is the 15-year rate?
In Freddie Mac’s October 29, 2026 survey, the 15-year averaged 6.60% and the 30-year 7.24%, a gap of 0.64 percentage points.
How much more is a 15-year payment on $320,000?
At those averages, about $2,805 a month versus $2,181 for a 30-year, or $624 more, principal and interest only.
How much interest does a 15-year mortgage save?
On $320,000 at those averages, about $280,000: $184,930 total interest on 15 years versus $465,086 on 30.
Can I pay off a 30-year mortgage in 15 years?
Close to it. Paying the 15-year amount on a 30-year loan clears it in about 16 years, as long as there’s no prepayment penalty and extra money goes to principal.
Is it harder to qualify for a 15-year mortgage?
It can be. The higher payment raises your debt-to-income ratio, so the same income may qualify for a smaller loan on 15 years than on 30.
Reviewed by Beycome Brokerage Realty LLC, a licensed real estate brokerage. Licenses: beycome.com/faq/how-to/are-you-a-licensed-broker/.
Rates are Freddie Mac PMMS national averages for the week of October 29, 2026, not offers. Payments are principal and interest only, calculated by Beycome with standard amortization, and exclude taxes, insurance, mortgage insurance and HOA dues. General information, not financial advice; ask a licensed loan officer about your situation. Beycome Mortgage LLC, NMLS #2523620, is licensed in Florida only.
Buyer program terms as of November 2026 and subject to change; credits need lender approval, and rules on buyer credits vary by state. Beycome Title closes in Florida and Texas, and in Michigan, Ohio, Illinois and Indiana starting November 2, 2026. Brokerage services are provided through affiliated licensed brokerages in 18 states and DC.
Sources
- Freddie Mac, Primary Mortgage Market Survey, week of October 29, 2026, read November 1, 2026.
- CFPB, choosing a loan offer, read November 1, 2026.
- Beycome payment calculations, standard amortization, November 1, 2026.
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