Fixed Rate Mortgage
Lock in your rate for 15 years. Predictable payments, from start to finish.
A 15-year fixed rate mortgage lets you pay off your home faster while your monthly payment stays the same throughout the life of the loan. You'll build equity quickly and own your home free and clear in just 15 years. With a fixed rate, you're protected from interest rate changes, so you can plan your finances with confidence. Whether you're refinancing or buying, this option gives you stability and predictability every single month.
Why choose a 15-year fixed rate mortgage
Accelerate your path to homeownership with a loan that keeps your rate stable for the entire term. Here's what you get with our 15-year fixed rate option.
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Build equity faster
More of each payment goes toward principal, so you accumulate equity in your home quickly. You'll own your property outright in just 15 years instead of 30.
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Predictable monthly payments
Your interest rate and payment amount never change. You know exactly what you'll pay each month for the entire loan term, making budgeting simple and reliable.
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Save on total interest
By paying off your loan in half the time, you'll pay significantly less interest over the life of the mortgage. More of your money stays in your pocket.
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15-year fixed rate mortgage options
Compare our 15-year fixed rate mortgage options below. Rates and terms vary based on loan amount, credit profile, property type, and down payment. Contact us for a personalized quote tailored to your situation.
Rates as of
| Loan type | Rate | APR |
|---|---|---|
| 15-year fixed rate purchase For purchasing a primary residence | 6.500% | 6.625% |
| 15-year fixed rate refinance For refinancing an existing mortgage | 5.750% | 5.900% |
| 15-year fixed rate jumbo For loan amounts above conventional limits | 6.250% | 7.125% |
APR calculations assume a loan amount of 80% of home value with standard closing costs included. Your actual rate and APR will depend on your specific financial profile and loan details.
These rates are provided as examples only and are not an offer to lend. Actual rates depend on many factors including your credit score, debt-to-income ratio, loan-to-value ratio, property type, occupancy status, and market conditions at the time of application. All products are subject to credit approval. Boise Basin Home Loans reserves the right to change, withdraw, or modify these rates at any time without notice. Please contact us for current rates and a personalized quote.
Questions about 15-year mortgages
Learn more about how a 15-year fixed rate mortgage works and whether it's the right choice for your situation.
How much will I save with a 15-year mortgage compared to a 30-year?
The total interest you pay over the life of the loan is significantly lower with a 15-year mortgage. While your monthly payment will be higher than a 30-year loan, you'll own your home free and clear in half the time and avoid years of interest payments. The exact savings depend on your loan amount and interest rate.
Can I refinance my existing mortgage into a 15-year loan?
Yes, refinancing from a 30-year to a 15-year mortgage is a common way to accelerate homeownership and reduce the total interest you'll pay. We can help you explore whether refinancing makes sense based on your current loan, credit situation, and financial goals.
What if I can't afford the higher monthly payment?
A 15-year mortgage does come with a higher monthly payment than a 30-year loan. If the payment is too high, a 30-year fixed rate mortgage might be a better fit. You could also explore other options like making extra payments toward principal on a 30-year loan to accelerate payoff without locking into a higher monthly payment.