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Compare current 10-year mortgage rates

On Thursday, December 01, 2022, the national average 10-year fixed mortgage APR is 6.09%. The average 10-year refinance APR is 6.07%, according to Bankrate's latest survey of the nation's largest refinance lenders.

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Today’s 10-year mortgage 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 interest rate table is updated daily to give you the most current rate when choosing a mortgage home loan.

Product Interest Rate APR
10-Year Fixed Rate 6.07% 6.09%
15-Year Fixed Rate 6.04% 6.07%
30-Year Fixed Rate 6.67% 6.69%

Rates as of Thursday, December 01, 2022 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.

Pros

  • 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

Cons

  • 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 entities, which could include traditional banks, online lenders and mortgage brokers. Prepare by reviewing 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.

The good news is that any time of year can be a good time to shop for a mortgage. Fees for a 10-year mortgage will be similar to those of other mortgages.

If you choose a mortgage with a longer repayment term and decide you want to pay it off faster — say in 10 years — calculate what your monthly payment would be if you had a 10-year mortgage rate and pay that amount each month. Be sure to instruct your lender to apply the extra funds to the principal. This is a good option for borrowers who want to pay aggressively but don’t want to be locked into higher payments.

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.

Frequently asked questions about 10-year mortgages

Other useful tools:

Written by: Zach Wichter, mortgage reporter for Bankrate

Zach Wichter is a mortgage reporter at Bankrate. He previously worked on the Business desk at The New York Times where he won a Loeb Award for breaking news, and covered aviation for The Points Guy.

Read more from Zach Wichter