Compare current 10-year mortgage rates
On Tuesday, March 28, 2023, the national average 10-year fixed mortgage APR is 6.33%. The average 10-year refinance APR is 6.32%, according to Bankrate's latest survey of the nation's largest mortgage lenders.
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Weekly national mortgage interest rate trends
Current refinance rates
|10 year fixed refinance||6.26%|
|15 year fixed refinance||6.10%|
|30 year fixed refinance||6.94%|
Today’s 10-year mortgage interest rates
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.
|10-Year Fixed Rate||6.29%||6.33%|
|15-Year Fixed Rate||6.12%||6.15%|
|30-Year Fixed Rate||6.89%||6.91%|
Rates as of Tuesday, March 28, 2023 at 6:30 AM
Pros and cons 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. In addition, you’ll pay off your mortgage faster and spend a lot less on interest over the life of the loan.
On the flip side, your monthly payments 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.
- Own your home 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
- 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
How to find the best mortgage for you
Once you’ve decided which term is right for you, do your due diligence to find the best mortgage. (Here are five kinds of mortgages to consider.) Research and compare mortgage rates from several financial institutions, which could include traditional banks, online lenders and mortgage brokers. Also review your credit report to confirm it’s correct, and have an idea of how much you can afford to pay each month. Since a 10-year mortgage generally entails higher monthly payments, lenders will want to see a higher income level even if you have a solid credit score and savings.
Loan offers vary from one lender to the next, so it’s important to shop around. Comparing offers from at least three lenders can save you thousands of dollars over the life of your loan. Here are three loan scenarios that show monthly payments vs. total cost on $300,000 mortgages with interest rates that reflect loan type. Closing costs and fees for a 10-year mortgage will be similar to those of other mortgages.
|Loan Type||Interest Rate||Total Cost||Monthly Payment||Total Interest Paid|
Alternatives to a 10-year mortgage
While paying off your mortgage in 10 years sounds great, it’s not always feasible for everyone. Shorter-term loans come with higher monthly payments, which can put a strain on finances. Also, depending on a number of factors like your income and other debts, you may not be able to qualify for a 10-year mortgage.
If that’s the case, you can still pay off your loan in less time if you’re very disciplined about your finances by making extra payments, or contributing more than the monthly minimum to your mortgage when you pay. Bankrate offers a number of strategies for mortgage repayment.
You can also start off with a longer-term mortgage, and refinance to a shorter-term one when your budget allows.
Both the 10-year fixed mortgage and the adjustable-rate mortgage, or ARM, typically have lower interest rates than their longer-term, fixed-interest counterparts. The main difference between them is that the 10-year fixed-rate mortgage has a locked interest rate while the ARM has a floating rate. It’s important to note that most ARMs also have a “fixed period” during which the rate does not adjust. For example, in 5/1 ARMs, the interest rate stays the same for the first five years.
If you plan on selling your home within five years, you can compare the 5/1 ARM with a 10-year mortgage to see which one has the lower rate. But keep in mind that the typical ARM amortizes over 30 years, which means the payments will be much lower than a 10-year loan, even if it has a lower interest rate.
And at the end of five years, and assuming identical interest rates on the two loans, you’ll have paid down about 12 percent of the balance of the 5/1 30-year ARM, while with the 10-year fixed, you’ll have paid off nearly half the balance.
There are also 7/1 ARMs, which lock the rate for the first seven years. If you intend on staying longer in your home, then you might want to consider a 10-year fixed-rate loan.
15- or 30-year mortgage
Generally, the shorter the loan term, the lower the interest rate. So with 15- and 30-year mortgages, you’ll usually be charged a higher interest rate than you’d pay with the 10-year. And because of the longer loan term, you’ll be paying it for longer, too. Bottom line: You’ll pay more in interest overall.
The big plus of these longer-term loans is: Your monthly mortgage payment is significantly smaller, because the payments are spread out over 15 or 30 years, not just a decade. That makes them a lot more affordable — and if you want a home now, they could be the only realistic option if your budget is tight.
Compare current mortgage interest rates to find out how much you can save by going with a shorter loan vs a longer one. Once you crunch the numbers, you might find that it’s worth it to pay more each month to save on the total loan’s interest costs.
Frequently asked questions about 10-year mortgages
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.
Mortgage rates in other states
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