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We want this to be a “win-win” situation and only want to get paid if we bring you value in the form of finding a personal finance option that works for you, not by selling your data to multiple lenders. Generally, our lenders pay us at the time of receiving your loan application and incorporate the cost of our services as part of the final interest rate on your loan, or in your loan amount. Although we are paid at the time of your application transmission, you only pay this cost if your loan closes. This fee is non-refundable to lenders after they receive your application. This is common practice in mortgage transactions where lenders pay brokers for performing certain services in connection with your loan. If you would prefer to minimize your rate, you may opt to buy "points" to decrease your rate. If you choose to buy points, you would pay this amount to your lender and your final interest rate on your loan or your loan amount would reflect the combined fees of points you purchased and the fee your lender paid us upon receipt of your application.


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Refinance rates by loan term

Home refinance rates rise and fall on a daily basis with changing economic conditions, central bank policy decisions, and investor sentiment. The table below shows recent trends in home refinance rates.

ProductInterest rateAPR

Last updated on Jun 23, 2024. These rates are based on the assumptions shown here. Actual rates may vary.


Mortgage refinance calculators

Use our mortgage refinance calculators to determine if you can save money on interest, pay off your loan sooner, or turn your home’s equity into cash.

Financial education

Need more info about refinancing a mortgage?

How to refinance your mortgage step-by-step

Refinancing your mortgage can help you get a lower interest rate or lower monthly payment, depending on your goals.

7 min read

Learn more

When does it make sense to refinance your mortgage?

If you can shave at least 0.75% off your interest rate and plan to stay in your home for the long haul, consider refinancing your mortgage.

6 min read

Learn more

How to get the best mortgage refinance rates

To score a great refinance rate on your mortgage, work on building your credit score, get multiple quotes, and consider shortening the term.

6 min read

Learn more

The true cost of refinancing your home mortgage

Refinancing isn’t free — you’ll have to pay closing costs — but there are ways you can pay less for your new loan.

5 min read

Learn more
For educational purposes only

The information in this section is provided for general education purposes only to allow you to shop for the best loan more effectively and does not necessarily reflect Credible services. For homebuyers, we will not display rates, loan options, take a mortgage application, or negotiate loan terms. We will provide advertisements of lenders you can select from based on a description of factors our lenders work with best.

Mortgage Refinance FAQs

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Written by Angela Mae

Angela Mae is a freelance writer with a passion for all things personal finance. She has written about consumer loans, debt management, investing, retirement planning, and more. She comes from a journalistic background and pulls from hands-on experience and deep-dive research to breathe life into her stories.

Edited by Reina Marszalek

Reina Marszalek is Credible's senior mortgage editor and is an experienced multimedia content creator. She previously served as a managing editor at Policy Genius, where she covered the insurance and home verticals.

Reviewed by Mike Schmidt

Mike Schmidt is Credible's senior manager of mortgage operations and is a licensed mortgage loan originator in 50 states. Mike has spent 18 years in the industry, working at various financial institutions. He has expertise in all mortgage products, including conventional, FHA, and VA loans.

A 10-year fixed mortgage is a home loan that has a 10-year repayment term and a set interest rate that stays the same for the duration of the loan. What this means is that your monthly mortgage payment will also remain the same — except in certain cases. If, for example, your homeowners insurance or property taxes increase, your monthly payment could, too.
Typically, 10-year fixed mortgage rates are lower than what you’d get with a longer-term loan — like a 15- or 30-year mortgage. A lower rate could save you money on interest over the life of the loan. However, your monthly payment amount might be higher since you have less time to pay back what you owe.
If you already have a mortgage, you may be able to refinance it. Mortgage refinancing is the process of using a new home loan to pay off your existing mortgage. With a 10-year fixed mortgage refinance, you could potentially get a lower interest rate and shorten the loan term. This could save you thousands of dollars on interest payments and help you get out of debt faster.
Several indirect and direct factors can impact 10-year home interest rates. While you may be able to control certain factors, others are beyond your control.
Some of the major factors that you cannot control include:
  • Inflation: The current inflation rate can affect 10-year mortgage rates. When inflation rises, mortgage rates do as well.
  • The Federal Reserve’s policies: The Fed does not determine housing interest rates. But it sets the federal funds rate, which can affect the current 10-year mortgage rates set by mortgage lenders. If the federal funds rate increases, 10-year fixed mortgage rates may also increase.
  • Current market conditions: Certain market conditions, such as supply and demand, can impact the housing interest rates today.
Here are the main factors you can control:
  • Credit score: Lenders use your credit score to determine how likely you are to pay back your loan. Good credit typically translates to a lower interest rate.
  • Mortgage type: The type of loan — like a conventional or FHA loan — can affect your rate.
  • Lender: Mortgage lenders can set their own interest rates. Some lenders might be willing to offer a lower rate or alternative financing solution to those who need assistance purchasing a home.
  • Loan term: Ten-year fixed mortgage rates may be lower than home loans with longer repayment terms. This is because lenders sometimes view longer-term loans as riskier than shorter-term loans.
  • Loan and down payment amount: Taking out a larger loan may also mean taking on a higher mortgage interest rate. Putting down a larger down payment, meanwhile, could lower your overall rate.
  • Type of interest: Home loans come with either an adjustable or a fixed interest rate. While adjustable-rate mortgages fluctuate, fixed-rate mortgages do not.
  • Property location: Housing interest rates may also vary based on your state or county.
Ten-year interest rates can fluctuate on a daily or weekly basis. Because of this, it’s a good idea to compare rates from multiple lenders. Shop around for different lenders to see which ones offer the best 10-year mortgage rates. Or check out the current 10-year refinance rates.
When refinancing your home loan, here’s how to make sure you get the best 10-year mortgage interest rates:
  • Shop around: Compare several mortgage lenders to find the best ones and to get a better idea of the 10-year mortgage rates today. If you rate shop within a 45-day window, only your first hard credit inquiry will impact your credit score.
  • Get pre-approved for refinancing: With pre-approval, you can compare rates, fees, terms, and more without formally applying for a loan. Pre-approval is not a guarantee of financing.
  • Improve your credit score: Your credit score plays a major role in the 10-year mortgage rates you can get. The better your credit score is, the lower your mortgage refinancing rates tend to be. If your credit score is keeping you from getting the best rates, prioritize improving it. This could mean making on-time payments, disputing errors on your credit reports, or getting accounts out of collections.
  • Pay down your current debts: Your debt-to-income ratio (DTI) is the percentage of your gross monthly income that goes toward your debt payments. The higher your DTI, the harder it is to get financing or low rates. By paying off your debts, you can lower your DTI, improve your odds of refinancing your mortgage, and get the best interest rates.
  • Watch interest rate trends: Since 10-year mortgage rates fluctuate — sometimes daily — it’s important to keep an eye on the current housing interest rates.
Any type of mortgage refinance — including those with 10-year fixed mortgage rates — comes with benefits and drawbacks.
Here are the main pros:
  • If your credit score has improved, your new housing interest rate could be lower than your current rate.
  • Qualifying for the best 10-year mortgage rates could save you money on total interest payments.
  • Switching from an adjustable-rate mortgage to a fixed-rate mortgage translates to more consistent monthly payments.
  • If your original mortgage had a longer repayment term, refinancing could get you a shorter term and allow you to pay off your debt sooner.
  • Refinancing for a shorter term could help you build equity in your property faster.
There are also a few potential cons to getting a 10-year fixed mortgage refinance, such as:
  • A shorter repayment period typically means higher monthly payments.
  • Larger monthly payments could make it harder to save or invest, especially if your budget is tight.
  • If your credit score hasn’t improved, you might not qualify for the best rates.
Both 10-year and 30-year fixed refinances are similar in that they each come with their own monthly payment amount, interest rate, and eligibility criteria. The housing interest rates can also fluctuate until you lock in your rate.
However, there are several differences between them.
A 30-year mortgage refinance might come with a higher interest rate than a 10-year refinance. This is because home loans with longer repayment periods tend to be riskier for lenders.
With a 10-year refinance, you’re also likely to have larger monthly payments since you have less time to pay back what you owe. This can make it harder to handle monthly payments. It can also reduce how much cash you have available for other expenses or long-term financial goals.
On the other hand, you’ll be able to pay off your house faster with a shorter term length. This can help you get out of debt sooner and give you more time to focus on other goals later. It can also save you money on total interest charges, even if the housing interest rate is the same on both loans.
You may want to consider getting a 10-year fixed refinance if:
  • You currently have a mortgage with a longer term (e.g., 30 years) and want to pay it off sooner.
  • You have improved your credit score and now qualify for a lower rate.
  • You know the current housing rates are lower than they were when you took out your original loan.
  • You can comfortably afford the larger monthly payment that comes with a shorter term.
  • You currently have an adjustable-rate mortgage and want to swap it for a fixed-rate mortgage.
  • You plan to remain in your current home for the foreseeable future.
Review your financial priorities, credit score, and income situation to determine whether refinancing is right for you. If it is, shop around and compare several lenders before choosing one to ensure you get the best 10-year mortgage rates possible.

Get your personalized refinance quote today

Checking rates won’t affect your credit score