10-Year Mortgage Rates

Anyone who’s had a mortgage can tell you: the sooner you pay it off, the less interest you’ll pay, and that can save you some serious money. While shorter mortgage terms are still relatively rare, low interest rates are pushing some buyers to consider a 10-year mortgage.

Just like with any mortgage product—whether you choose the most popular 30-year mortgage, a 20-year mortgage or a 15-year mortgage—there are pros and cons for each. Regardless if you’re looking to get a mortgage on a new home or refinance your existing mortgage, it’s important to consider the details to determine whether it’s right for you.

Today’s 10-Year Mortgage Rates


Product Interest Rate APR
10-Year Fixed Rate 3.14% 3.39%

The table above brings together a comprehensive national survey of mortgage lenders to help you know what is the most competitive 15 year mortgage interest rate. This interest rate table is updated daily to give you the most current rate when choosing a 15 year mortgage home loan.

What’s a 10-year mortgage?

“A 10-year fixed mortgage is just a 10-year amortization,” explains Silverton Mortgage President Josh Moffitt, whose company is based in Atlanta. “Your rate payment is done over 10 years, as opposed to many traditional mortgages which are paid over 30 years. By shortening the term it’s a massive amount of savings because you’re putting 20 years of interest away.”

For the buyer who wants to pay off their mortgage quickly while reducing how much total interest they pay, the 10-year mortgage offers a structured opportunity to do just that. To find out if a 10-year mortgage is right for you, do the math using a mortgage calculator.

Get the latest interest rates for 10-year fixed-rate mortgages. Be sure to check back regularly, as rates change.

What are the advantages of a 10-year fixed-rate mortgage?

The biggest advantage of a 10-year mortgage is, quite simply, savings. Paying off a mortgage in 10 years—as opposed to 15, 20 or 30 years—allows homeowners to minimize the amount of interest they pay while shedding mortgage debt faster.

Another advantage could be a better rate. “You probably will get a better rate on a 10-year mortgage versus a 30-year fixed mortgage,” Moffitt says. “You might get a better 10-year mortgage rate than on a 20-year fixed, and you might or might not get a better rate than a 15-year fixed.” He explains that since 10-year mortgage interest rates tend to be so close slightly longer terms like the 15, many of his clients choose the longer term and then pay the loan off faster if they wish to be out of debt more quickly.

A shorter loan term can be particularly attractive to people approaching retirement so they can finish paying off their loans before transitioning to a fixed income.

What are the disadvantages of a 10-year fixed-rate mortgage?

The most significant drawback to a 10-year fixed-rate mortgage is that the monthly payments will be substantially higher than loans with longer terms. “The challenge [with a 10-year mortgage] is the payments. A shorter term will increase your monthly payments, in some cases significantly,” Moffitt says.

For clients who are considering committing to heftier monthly mortgage payments, Moffitt encourages them to take an honest look at their overall financial landscape to determine whether they can comfortably pay that much more each month. He also suggests they talk with their financial planner to consider other factors.

“They might consider how much savings they have, if they’re investing enough in their 401(k) and if they have children, if they’re investing in their kids’ 529 plan [for higher education expenses],” he says.

Another drawback is that if you can’t keep up with the big monthly payments for your 10-year mortgage, you might have to refinance into a mortgage with longer terms and possibly higher rates. Don’t forget to factor in property taxes, mortgage insurance (if you put less than 20% down), homeowners insurance, HOA fees, utilities and maintenance expenses when setting your monthly housing budget.

Consider too that you can take out a mortgage with a longer term of 15, 20 or even 30 years and repay it as fast as you like. If finances are tight one month, you can choose not to pay the higher amount, and that means more financial flexibility.

How to find the best mortgage for you

Once you’ve decided which term is right for you, you’ll want to do your due diligence to find the best mortgage. Here are five kinds of mortgages to consider. You’ll want to do some 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.

The good news is that any time of year can be a good time to shop for a mortgage. “Mortgage rates are tied to the bond market, so there’s not a good or bad season,” Moffitt explains. He adds that 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 who don’t want to be locked into higher payments.

Other useful tools

  • Mortgage rate forecast
  • First time homebuyer grants and programs
  • Mortgage points and how they can cut your interest costs