Yes, 10-year fixed-rate mortgages usually offer rates that are lower than 30-year mortgages.
Loan amount | Min. APR | Max. APR | Average APR |
---|---|---|---|
$200,000 or less | 5.00% | 7.50% | 7.15% |
$200,001 - $300,000 | 4.75% | 7.50% | 6.97% |
$300,001 - $400,000 | 4.50% | 7.50% | 6.68% |
$400,001 - $500,000 | 4.50% | 7.50% | 6.61% |
More than $500,000 | 4.38% | 8.00% | 6.56% |
All loan amounts | 4.62% | 7.60% | 6.79% |
Loan amount | Min. APR | Max. APR | Average APR |
---|---|---|---|
$200,000 or less | 4.75% | 7.50% | 7.15% |
$200,001 - $300,000 | 4.50% | 7.63% | 7.04% |
$300,001 - $400,000 | 4.50% | 7.63% | 6.87% |
$400,001 - $500,000 | 4.50% | 7.63% | 6.81% |
More than $500,000 | 4.38% | 7.63% | 6.73% |
All loan amounts | 4.53% | 7.60% | 6.92% |
Ratings and reviews are from real consumers who have used the lending partner’s services.
Rocket Mortgage offers some great perks, including a lender-paid credit for up to 1.25% of your loan amount if you use Rocket Homes to find your home and Rocket Mortgage to finance it. Because Rocket offers a wide variety of loan options — like programs compatible with down payment assistance, VA loans for military borrowers and Native American home loans — they have something for everyone.
You’ll have the best chance of qualifying for a mortgage with Rocket Mortgage if you have a 73% loan-to-value (LTV) ratio or better, according to nationwide data from 2023. That year, about 49% of approved borrowers had a debt-to-income (DTI) ratio under 40%.
Ratings and reviews are from real consumers who have used the lending partner’s services.
AmeriSave Mortgage offers a variety of less-common mortgage loan terms, including 10-year, 20-year and 15-year options.
Potential borrowers can view rates online and, if they like what they see, complete an application online. AmeriSave’s website provides rates that are updated daily and that can be tailored to a borrower’s financial situation.
You’ll have the best chance of qualifying for a mortgage with AmeriSave if you have a 72% LTV ratio or better and a DTI ratio below 40%. AmeriSave doesn’t share the exact minimum requirements it uses to approve applications, but most customers had this profile, according to nationwide data from 2023.
Yes, 10-year fixed-rate mortgages usually offer rates that are lower than 30-year mortgages.
A good 10-year mortgage rate is the lowest rate that you can qualify for. Look into what different mortgage lenders advertise, apply with multiple lenders to compare offers and then take the best one. Shopping around for a mortgage can save you tens of thousands of dollars.
To qualify for a 10-year mortgage, you’ll need to prove you can afford the payments. For a conventional mortgage, you’ll also need at least a 3% down payment, 2% to 6% for closing costs and a 620 credit score. Read about the minimum mortgage requirements for different types of mortgage loans to get a better idea of whether you might qualify.
Lenders determine the mortgage rates they offer by reviewing overall economic conditions, as well as your individual financial profile. Economic conditions include factors like inflation and the rates set by the Federal Reserve. Personal financial profiles include credit scores and debt-to-income (DTI) ratios.