Mortgage Rates Hold Steady at 6.16% as Borrowers Weigh 15-Year Terms

A $400,000 mortgage at 6.16% over 30 years carries a monthly principal-and-interest payment of approximately $2,440. The average 30-year fixed mortgage rate is 6.16%, which rose one basis point on April 14, 2026. The average 15-year fixed mortgage rate is 5.65%, which also rose one basis point. A $400,000 loan at 5.65% over 15 years increases the monthly payment to approximately $3,300. This term reduces total interest paid over the life of the loan to $194,047, compared to $478,221 in total interest for the 30-year loan.