10 Year Fixed Mortgage Rates

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What is a 10-year fixed-rate mortgage?

With a 10-year fixed-rate mortgage, you get a home loan that lasts 10 years, with an interest rate and payment that remains the same throughout the loan. These mortgages tend to come with lower interest rates as well. This translates to lower costs over the life of the loan and allows you to get out of debt much faster.

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Today’s Mortgage Rates

PROS

Advantages of a 10-year fixed-rate mortgage

There are three main advantages to a 10-year fixed mortgage:

  1. Much lower interest rate:

    One of the biggest advantages is that you can typically get a much lower interest rate — about a quarter of a percent less on average — with a 10-year fixed-rate mortgage compared to a 15-year fixed-rate loan.

    Additionally, if you have a sub-par credit score preventing you from qualifying for the lowest rates on a 30-year loan, you still might be able to get a lower rate by choosing a shorter loan term.

  2. Reduced repayment amount:

    A lower interest rate, in general, usually means a lower repayment amount, since you’re paying less overall in interest. On top of that, you might be able to save more or tackle other debts more aggressively due to the shorter term.

    For example: Let’s say you buy a home for $250,000 with a 5% down payment. Your 10-year fixed loan comes with a fixed interest rate of 2.50%. The total repayment would be $268,863.89, and your total interest charges would be a little more than $31,000.

    Now, if you get a 15-year fixed-rate loan at 2.95%, the numbers would be a little different, even with the same home price and down payment. This time, you’d be looking to pay off a total of $294,216.37, with your interest adding up to more than $56,000.

    Choosing a 10-year mortgage with a lower rate makes a big difference in how much you ultimately pay.

  3. Faster equity:

    Finally, with current 10-year mortgage rates, you could build equity much faster. With a shorter term, more of your payment each month goes toward your principal. As a result, you build equity in your home much faster.

    If you need a home equity loan, you’re more likely to be able to unlock that asset if you have a 10-year fixed-rate mortgage.

CONS

Disadvantages of a 10-year fixed-rate mortgage

A 10-year mortgage can get you a low rate, but it comes with some drawbacks too:

  1. Much higher monthly payments:

    Your monthly payments will be higher with a 10-year mortgage.

    In the example of a $250,000 house with a 2.50% fixed interest rate and 5% down payment, your monthly payment might be $2,448. With a 30-year loan and an interest rate of 3.75%, your monthly payment might be $1,309. That’s a savings of more than $1,000 per month, allowing you better monthly cash flow.

  2. Limited purchase price:

    With a higher monthly payment, you might have to lower your purchase price. If you don’t meet the debt-to-income requirements with a higher home price, you might need to adjust your expectations. Without a longer term, you might not be able to afford the monthly payment on a higher-priced home.

  3. Cash less readily available:

    With a 10-year mortgage, more of your cash will be tied up in your house. In order to access it, you would need a home equity loan or line of credit.

Learn More: 

What Is a Mortgage Rate and How Do They Work?

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How to shop for a 10-year fixed-rate mortgage

Make sure to compare different lenders when shopping for mortgage rates. Credible can provide you with a variety of loan terms and prequalified interest rates, based on your current situation. This can help you easily compare your options to see what might make the most sense for you.

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