15-Year Vs. 30-Year Mortgage: Choosing the Right Option for You

AuthorAmanda Dodge.  Date: June 12, 2025 5:28 am

Your mortgage interest rate has a significant impact on your monthly payment. The higher your rate, the more interest you pay over time, which means your home purchase becomes more expensive. Even small changes in interest rates can have a big impact on your final costs.  As of June 2025, the national average interest rate for a 30-year fixed mortgage is 6.89%. This drops to 6.09% for a 15-year fixed mortgage. A 0.80% change in interest adds up over the total payment period and could help you save thousands of dollars.      As you prepare to purchase a home, you can choose between a 15-year vs. 30-year mortgage. While the interest paid is one of the driving factors in this decision, there are other considerations to keep in mind. This guide will take a deep dive into your interest savings (and potential to build wealth) while also helping you review your … Continued

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