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We want this to be a “win-win” situation. So we 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. We are a wholesale broker, meaning we have access to rates our mortgage lenders offer solely to brokers they work with. Generally, our lenders pay us and incorporate the cost of our services as part of the final interest rate on your loan, or in your loan amount. This is common practice in mortgage transactions where you choose for the lender to pay your broker’s fee upfront. If you would prefer to minimize your rate, you may opt to buy "points" to decrease your rate, or pay our broker compensation yourself. Please talk to one of our licensed loan officers to explore your options.

10 year fixed refinance rates

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How it works

How to find the right mortgage refinance loan for you

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Checking rates won’t affect credit score

  1. Get prequalified rates in 3 minutes:

    It's quick and painless. Tell us a little bit about you and your home to get accurate prequalified rates without impacting your credit score.

  2. Compare rates from multiple lenders:

    View the interest rate and cost breakdown of each loan to choose the best lender and loan product for you. Need help? Our mortgage team is not commissioned, so they're always on your side.

  3. Upload documents on Credible:

    We take the stress out of refinancing by automating the document collection process, keeping you updated on the status of your application every step of the way.

  4. Finish your loan with us:

    With Credible, you can complete the whole refinance process online. We have a team of dedicated mortgage experts ready to help you if you need it.


What is a 10-year mortgage refinance?

With a 10-year mortgage refinance, you take out a new loan to pay off the remaining balance on your home loan. Depending on the 10-year mortgage refinance rates and other factors, you might be able to pay off your home faster and pay less in interest overall.

Who should choose a 10-year mortgage refinance?

Depending on your situation, a 10-year mortgage refinance can be an ideal choice if you have sufficient income or cash reserves and are looking to pay off your house sooner.

It’s important to note that a 10-year mortgage refinance is likely to come with a higher monthly payment, so you need to make sure you have enough cash flow to handle it.


Advantages of a 10-year fixed mortgage refinance rate

When looking at the refinance rates for a 10-year fixed-rate mortgage, consider the advantages:

  1. Much lower interest rate:

    Current 10-year mortgage refinance rates are low — probably lower than your current mortgage rate. Depending on your situation, you might be able to save a significant amount of money by refinancing to a lower rate.

  2. Earlier payoff date:

    If you have 15 or 20 years left on your home loan, taking advantage of refinance rates on a 10-year fixed option could mean an earlier payoff date.

    Instead of paying off your house in two decades, you might be able to pay it off in half the time. This earlier payoff date often means less paid in overall costs. Plus, you get the peace of mind that comes with being debt-free sooner.

Check Out: 

How to Refinance Your Mortgage in 6 Easy Steps


Disadvantages of a 10-year fixed mortgage refinance rate

Before deciding to get a 10-year fixed-rate mortgage refinance, it’s important to weigh the disadvantages:

  1. Significantly higher monthly payments:

    When you shorten your loan term, you’re paying over a shorter period, so your monthly payment is likely to go up. This is especially true if you refinance from a 30-year loan to a 10-year loan. If you are going to refinance to a shorter term, make sure you consider your cash flow and whether you can afford the higher monthly payments.

  2. Closing costs:

    In many cases, a mortgage refinance comes with closing costs. You might be able to roll these into your loan, but that increases the amount that you’re paying interest on.


How to get the best rate for a 10-year fixed mortgage refinance

To access the best 10-year mortgage refinance rates, you need to make sure you have a good credit score. Additionally, you need a significant amount of equity in your home to qualify for the best rates.

Don’t forget to shop around, too. Credible can help you compare prequalified mortgage refinance rates and terms quickly and easily. See today’s rates below and get prequalified all without leaving our platform.

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When is the right time to refinance?

With mortgage rates near historic lows, now is a good time to refinance and lock in a low rate. With lower interest rates, you’ll pay less in interest throughout the life of the loan, allowing you to reduce your spending overall.

Additionally, refinancing can be a good choice for someone approaching retirement. You can refinance to a 10-year mortgage to put yourself in position to become debt-free early in retirement, which can help reduce your overall costs.


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