Mortgage Rate - 15 Year
Returns the average 15-year fixed mortgage rate as a percentage from the Freddie Mac Primary Mortgage Market Survey.
Data Details
| Attribute | Value |
|---|---|
| Source | Freddie Mac / FRED |
| Frequency | Weekly |
| Unit | Percentage |
| Type | 15-year fixed-rate mortgage |
Notes
- Typically lower than 30-year rates due to shorter term
- Higher monthly payments but lower total interest
- Widely used for refinancing
Examples
Current 15-year mortgage rate
=MortgageRate15y()/100Spread between 30y and 15y rates
When to Use
- Tracking mortgage rates
- Refinancing analysis
- Housing affordability calculations
- Real estate market research
When NOT to Use
| Scenario | Use Instead |
|---|---|
| Need 30-year rate | MortgageRate30y() |
| Need house prices | HousePriceIndex() |
| Need housing starts | HousingStarts() |
Common Issues & FAQ
Q: What unit is the result in? A: Percentage (e.g., 6.25 means 6.25%).
Q: How often is this updated? A: Weekly, from Freddie Mac's Primary Mortgage Market Survey.
Q: Why is the 15-year rate lower than 30-year? A: Shorter loan terms have less risk for lenders, resulting in lower rates.
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