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10 Year Fixed Mortgage Rates
See current mortgage rates from top lenders. Compare rates and terms instantly.
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Compare 10-year mortgage rates from top lenders
Credible lets you compare loans from our partner lenders so that you can find the best rate for your unique circumstances. Just enter some basic information about your financial situation and the home you want to purchase to see personalized rates in the table below. It only takes a few minutes, and it won’t affect your credit.
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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:
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.
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.
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:
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.
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.
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?
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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What you need to know when buying a home
Getting pre-approved for a mortgage
Getting preapproved for a mortgage is a great first step in the homebuying process. Here’s what you need to know about qualifying for a pre-approval and the benefits of getting one.
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How to buy a house
There are a lot more steps in the homebuying process than you might think. Review our checklist of steps to buying a house so you don’t forget anything along the way.
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First time home buyer tips
From not saving enough for a down payment to skipping pre-approval, don’t fall victim to these first-time homebuyer mistakes. Here’s how you can avoid them.
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How to qualify for the best mortgage rate
You really have to do your research if you want to get the best mortgage rate. Here’s how to find the best rate for your situation.
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As a Credible authority on mortgages, Chris Jennings covers topics including home loans and mortgage refinancing. His work has appeared in Fox Business and GOBankingRates.
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Freddie Mac, which is one of the primary resources that tracks and publishes current and historical mortgage rates, doesn’t do so for 10-year fixed-rate mortgage loans.
With that said, you can still get a sense of what the lowest 10-year rate might’ve been by looking at the lowest rate for a 15-year loan. The lowest mortgage rate for 15-year loans was 2.10% for the week ending Aug. 5, 2021, according to Freddie Mac’s Primary Mortgage Market Survey.
Learn More: What Is a Mortgage Rate and How Do They Work?
Not all borrowers qualify for a particular lender’s rock-bottom rate. Here are a few ways you can increase your chances of getting a lower rate on a 10-year fixed-rate loan:
Protect your credit score: Pay your bills on time and keep your debt balances low. Try not to take on any new loans or open new credit cards when you’re shopping for a mortgage.
Put down 20% or more: Putting together enough cash to make a 20% down payment will work in your favor, both by helping you qualify for a lower rate and saving the price of mortgage insurance.
Negotiate with your lender: Don’t be afraid to negotiate your rate with the lender. You can offer to pay points to reduce your interest rate as well.
Some lenders also provide discounted rates for existing customers. For instance, if you have a checking and savings account with a bank, the bank might offer you a better mortgage rate or a discount on certain closing costs.
A good mortgage rate is one that’s substantially lower than the rates competing lenders are charging for. It’s important to compare at least three different lenders when shopping for a home loan. This will help you get a good rate on a 10-year mortgage, and it could end up saving you thousands of dollars in interest.
But a good rate isn’t the only thing that makes a loan good. Other factors, such as closing costs and points, can also help you evaluate home loans.
If you’ve narrowed your choice of lender down to a few options, contact each one to find out more about their loan programs — they might offer programs or rates that aren’t advertised on their websites.
When comparing rates from different lenders, look at the annual percentage rate (APR), which is the total annual cost of the loan, including interest and fees. The APR gives you a true apples-to-apples way to compare home loans.
While 30-year mortgage loans are the most popular home loan option, they also have higher rates than other fixed-rate loan terms. That’s because loans with longer terms present more of a risk to lenders.
Here’s how the terms of a 10-year fixed-rate mortgage might compare to the terms of other mortgage loans:
| Loan term | Loan amount | Fixed rate | Payment amount | Total interest paid over life of loan | Total paid over life of loan |
|---|---|---|---|---|---|
| 10 years | $200,000 | 2.13% | $1,851.94 | $22,232.36 | $222,232.36 |
| 15 years | $200,000 | 2.15% | $1,299.02 | $33,824.40 | $233,824.40 |
| 20 years | $200,000 | 2.62% | $1,024.13 | $45,790.28 | $245,790.28 |
| 30 years | $200,000 | 2.86% | $752.31 | $70,831.02 | $270,831.02 |
As you can see, the shorter the loan term, the lower the rate and the less you’ll pay in interest over the life of the loan. The catch is that you’ll also have a higher payment.
A 10-year loan might leave you with less cash thanks to the higher monthly payments. But think long-term: in 10 years, you’ll likely have $200,000 of equity in your home — on top of any appreciation. And, better yet, you’ll be mortgage-free.
Ten years isn’t that much time to pay off a major expense like a home. By condensing your repayment schedule, you’ll have to deal with significantly higher monthly payments. But, in return, you’ll save thousands of dollars on interest, and you’ll build equity a lot faster.
A 10-year fixed-rate mortgage loan can be a good choice for you if:
You can afford the higher payments
Paying off your house quickly is a priority
You plan to stay in the house for at least a few years
You’re probably better off with a longer term if:
You expect your financial priorities to shift before your mortgage is paid off (e.g., starting a family)
You have other significant debts (e.g., student loans, credit card debt)
Your income is unpredictable
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