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15-year fixed mortgage rates

Today’s 15-year fixed mortgage rates

When it comes to purchasing a home, understanding mortgage rates is crucial. Among the various options available, the 15-year fixed mortgage rate stands out as the most popular choice for many homebuyers. Below, we will explore the intricacies of 15-year fixed mortgage rates, with a particular focus on the Kansas and Missouri areas.

Get a personalized rate quote for a purchase or refinance or explore the 15-year fixed mortgage rates and features below.

Check out current rates for a 15-year conventional fixed-rate loan.

The mortgage rates below assume you have a FICO® Score of 740+ and a down payment of at least 25%, that the loan is for a single-family home as your primary residence.

TERM
RATE
APR
POINT(S)
30-Year Fixed
6.375%
6.419
0
20-Year Fixed
6.125%
6.243
0
15-Year Fixed
5.875%
5.947
0
7 Yr ARM
6.375%
7.235
1
5 Yr ARM
6.250%
7.140
1

Minimum credit score is 620.

TERM
RATE
APR
POINT(S)
30-year fixed
6.000%
7.425
0
20-year fixed
6.125%
7.685
0

Minimum credit score is 640.

TERM
RATE
APR
POINT(S)
30-year fixed
6.000%
6.132
0
20-year fixed
6.250%
6.373
0

Minimum credit score is 640. 

TERM
RATE
APR
POINT(S)
30-year fixed
6.375%
6.886
0

Minimum credit score is 640.

TERM
RATE
APR
POINT(S)
30-Year Jumbo
7.625%
7.859
1
15-Year Jumbo
7.125%
7.686
1
7 Yr ARM
7.500%
8.318
1
5 Yr ARM
7.375%
8.173
1

Minimum credit score is 680.

Fixed-rate mortgage calculator

Get an estimate of your monthly mortgage payment with our mortgage calculator.

$

20%

1.25%

6.0%

0%

$
$

$1421

Monthly Payment

Principal & Interest $1421

Monthly Taxes $1421

Monthly HOA $1421

Monthly Insurance $1421

Monthly PMI $0

*Monthly mortgage payments reflect Principal and Interest, Taxes, Insurance, and HOA dues. Does not include PMI (<20% down payment). These rates and figures are estimates for educational purposes only and do not reflect an official mortgage loan offer.

Get answers to common questions.

When it comes to homebuying, navigating through the various mortgage options can be overwhelming. One popular choice for many homeowners is the 15-year fixed mortgage. In this article, we will delve into the world of 15-year fixed mortgage rates, exploring their benefits, considerations, and availability in Kansas and Missouri. Whether you’re a first-time buyer or looking to refinance, this guide will provide valuable insights to help you make an informed decision.

What are 15-Year Fixed Mortgage Rates?

A 15-year fixed mortgage refers to a home loan with a fixed interest rate and a repayment period of 15 years. This means that the interest rate remains unchanged throughout the entire loan term, offering stability and predictability for homeowners.

Benefits of a 15-Year Fixed Mortgage:

A. Faster Equity Build-up: With a shorter loan term, homeowners can build equity at a quicker pace, allowing them to own their homes outright sooner.
B. Lower Interest Rates: 15-year fixed mortgage rates are often lower compared to longer-term loans, resulting in significant interest savings over time.
C. Debt-Free Sooner: By paying off the loan in just 15 years, homeowners can achieve financial freedom and enjoy a mortgage-free life sooner.

Considerations Before Choosing a 15-Year Fixed Mortgage:

A. Higher Monthly Payments: While the shorter loan term provides advantages, it also means higher monthly payments. It’s crucial to assess your financial situation and ensure that you can comfortably afford the increased payment amount.
B. Limited Flexibility: Unlike adjustable-rate mortgages, 15-year fixed mortgages do not offer the flexibility of adjusting interest rates in response to market changes. It’s important to carefully consider your long-term financial plans before committing to a fixed rate.

15-Year Fixed Mortgage Rates in Kansas and Missouri:

The availability of 15-year fixed mortgage rates in Kansas and Missouri varies based on lenders and market conditions. One reputable mortgage provider in the region is Metropolitan Mortgage Corporation. They offer competitive rates and tailored solutions to meet the unique needs of borrowers in both states.

How to Secure the Best 15-Year Fixed Mortgage Rate:

A. Shop Around: Obtain quotes from multiple lenders to compare interest rates, closing costs, and terms. This will help you find the most favorable deal.
B. Improve Credit Score: A higher credit score can qualify you for better rates. Prioritize maintaining a good credit history and consider taking steps to improve your credit score before applying for a mortgage.
C. Provide a Larger Down Payment: Offering a substantial down payment can demonstrate financial stability and increase your chances of securing a lower interest rate.

Conclusion:

A 15-year fixed mortgage can be an excellent option for homeowners looking to build equity faster and save on interest costs. However, it’s essential to carefully consider your financial situation and long-term plans before committing to this type of mortgage. With Metropolitan Mortgage Corporation and other reputable lenders in Kansas and Missouri, you can find competitive rates and expert guidance to make the best choice for your homeownership journey.

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