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Compare current 10-year mortgage rates

On Tuesday, March 19, 2024, the national average 10-year fixed mortgage APR is 6.34%. The average 10-year refinance APR is 6.38%, according to Bankrate's ... latest survey of the nation's largest mortgage lenders.

10-year mortgage interest rates today

The table below brings together a comprehensive national survey of mortgage lenders to help you know what are the most competitive mortgage interest rates. This table is updated daily to give you the most current interest rates and APRs when choosing a mortgage home loan.

Product Interest Rate APR
10-Year Fixed Rate 6.26% 6.34%
15-Year Fixed Rate 6.41% 6.49%
30-Year Fixed Rate 6.88% 6.92%

Rates as of Tuesday, March 19, 2024 at 6:30 AM

Pros and cons of 10-year fixed mortgages

Pros of 10-year fixed mortgages

There are two major upsides to these ultra-short loans. First, 10-year loans have lower interest rates compared with longer-term mortgages. Second, you’ll pay off your mortgage faster and spend a lot less on interest over the life of the loan.

  • Own your home outright much sooner than you would with a longer loan term
  • Spend most of your monthly payment on paying down the principal rather than paying interest
  • Obtain a lower rate and save significantly on interest over the life of the loan

Cons of 10-year fixed mortgages

On the flip side, your monthly payments on a 10-year mortgage will be much larger than they would be for a longer loan term. You should only consider a 10-year mortgage if you can comfortably afford a sizable monthly payment.

  • Could limit your ability to buy a more expensive home
  • Greater risk of struggling to make payments in the event of a job loss or decrease in income
  • Higher monthly payments may deplete funds available for other financial goals such as retirement savings

Lender compare

Compare mortgage lenders side by side

Mortgage rates and fees can vary widely across lenders. To help you find the right one for your needs, use this tool to compare lenders based on a variety of factors. Bankrate has reviewed and partners with these lenders, and the two lenders shown first have the highest combined Bankrate Score and customer ratings. You can use the drop downs to explore beyond these lenders and find the best option for you.

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Garden State Home Loans

NMLS: 473163

State License: MB-473163

3.6

Rating: 3.6 stars out of 5
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Rating: 4.98 stars out of 5

5.0

562reviews

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Homefinity

NMLS: 2289

State License: 4965

4.5

Rating: 4.5 stars out of 5
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Recent Customer Reviews

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Rating: 4.94 stars out of 5

4.9

1061reviews

10-year mortgage vs. other loan terms

Generally, the shorter the loan term, the lower the interest rate. With 15- and 30-year mortgages, you’ll usually be charged a higher interest rate than you’d pay with a 10-year. Because of the longer loan term, you’ll be paying it for longer, too. Bottom line: You’ll pay more in interest overall the more years you’re repaying the loan.

The below examples show the monthly payments, total interest and total cost on a $380,000 mortgage across different loan terms:

Loan Type Interest Rate Total Cost Monthly Payment Total Interest Paid
10-Year Mortgage 6.88% $526,673 $4,388 $146,673
15-Year Mortgage 6.90% $611,026 $3,394 $231,026
30-Year Mortgage 7.83% $988,062 $2,743 $608,062

More alternatives to a 10-year mortgage

  • Adjustable-rate mortgage (ARM): An ARM and a 10-year loan typically have lower interest rates, but the ARM rate is variable, so it’ll change after the initial lower-rate period. If you plan on moving within this introductory window, it might make sense to take an ARM, which amortizes over 30 years, rather than a 10-year loan.
  • Extra payments: If you can’t manage the higher payments on a 10-year loan, you can still pay off your loan in less time by making additional payments. You might do this by paying a little extra each month, biweekly or a lump sum once a year.
  • Refinance: If you’re starting off with a longer-term mortgage, you might be able to refinance to a shorter term with a lower rate down the line.

10-year mortgage FAQ

 

Written by: Jeff Ostrowski, senior mortgage reporter for Bankrate

Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal.

Read more from Jeff Ostrowski