Yes, 10-year fixed-rate mortgages usually offer rates that are lower than 30-year mortgages.
Compare Current 10-Year Mortgage Rates
The current average 10-year fixed mortgage rate is 5.58%. The current average 10-year fixed refinance rate is 6.83%, according to LendingTree data.
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Current 10-year mortgage rates
| 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% |
10-year rates disclaimer
Current average rates are calculated using all conditional 10-year loan offers made from 01/01/2024 to 11/12/2024 and presented to consumers nationwide by LendingTree’s network partners for each combination of loan type, loan program and loan term. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.
Current 10-year refinance rates
| 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% |
10-year rates disclaimer
Current average rates are calculated using all conditional 10-year loan offers made from 8/01/2024 to 10/31/2024 and presented to consumers nationwide by LendingTree’s network partners for each combination of loan type, loan program, and loan term. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.
Compare 10-year rates against other loan terms
Loan Product | Interest Rate | APR |
|---|---|---|
| 30-year fixed rate | 6.36% | 6.61% |
| 20-year fixed rate | 5.49% | 5.69% |
| 15-year fixed rate | 5.50% | 5.69% |
| 10-year fixed rate | 5.58% | 5.72% |
| FHA 30-year fixed rate | 5.79% | 6.45% |
| 30-year 5/1 ARM | 5.99% | 6.74% |
| VA 30-year 5/1 ARM | 5.40% | 5.77% |
| VA 30-year fixed rate | 5.53% | 5.71% |
| VA 15-year fixed rate | 5.08% | 5.41% |
10-year rates disclaimer
Current average rates are calculated using all conditional 10-year loan offers made from 8/01/2024 to 10/31/2024 and presented to consumers nationwide by LendingTree’s network partners for each combination of loan type, loan program, and loan term. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.
Are 10-year mortgage rates going up or down?
Rates on 10-year mortgages will likely remain steady in 2025. While the Federal Reserve cut the federal funds rate three times in 2024, it has taken a “wait-and-see approach” in 2025, although two rate cuts are projected by the end of the year. As a result, market watchers still expect average 30-year mortgage rates to remain between 6% and 7% for most of the year, meaning that 10-year mortgage rates may fall close to or even under the 6% threshold.
Typically, 10-year mortgage rates tend to be considerably lower than rates for mortgages with longer terms, although they often fluctuate in tandem with 30-year rates. So, if you can afford the higher payments attached, a 10-year mortgage might be a great way to access even lower interest rates.
Read our mortgage interest rates forecast to learn how current rates can affect your homebuying decisions.
Rocket Mortgage
User Ratings & Reviews
Ratings and reviews are from real consumers who have used the lending partner’s services.
User Ratings & Reviews
Ratings and reviews are from real consumers who have used the lending partner’s services.
VA loans
580
0% to 3%*
*Down payment amount depends on loan program.
Pros
- Offers a variety of loans and loan terms
- Allows you to apply online
- Provides rates on its website
- Serves all 50 states and the District of Columbia
Cons
- Doesn't offer USDA loans
- Doesn't offer home equity lines of credit (HELOCs)
- Doesn't operate brick-and-mortar locations
Why we chose Rocket Mortgage
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.
How to qualify
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%.
AmeriSave Mortgage
User Ratings & Reviews
Ratings and reviews are from real consumers who have used the lending partner’s services.
User Ratings & Reviews
Ratings and reviews are from real consumers who have used the lending partner’s services.
FHA loans
580
0% to 3.5%*
*Down payment amount depends on loan program.
Pros
- Offers a wide variety of loan programs
- Doesn't charge origination fees
- Offers an online application
Cons
- Doesn't offer extensive rate information on its website
- Doesn't serve all 50 states
- Doesn't have branches you can visit in person
- Doesn't share a list of closing costs on its website
Why we chose AmeriSave
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.
How to qualify
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.
Read more about how we chose our best 10-year mortgage lenders.Should you choose a 10-year mortgage?
A shorter mortgage term typically means you pay much less in interest overall — that’s the appeal of going with a 10-year mortgage rather than the traditional 15-year or 30-year mortgage options. Because you’re paying off the loan faster, lenders will likely quote you a lower interest rate.
This shorter loan term can bring down your total loan costs dramatically, but the trade-off is a significantly higher monthly payment. For example, the monthly principal and interest payment on a $280,000 mortgage could be around $1,680 if you choose a 30-year term. But with a 10-year term, the payments shoot up to around $3,100 per month.
So, is a 10-year mortgage worth it? If you can comfortably afford the monthly payments, it might make financial sense to go with a 10-year term because you’ll save big on interest over the long haul. But, if making the payments will be a struggle, it’s probably worth choosing a longer loan term to give yourself more financial flexibility.
How to get the best 10-year mortgage rates
- Strengthen your credit score: The best mortgage rates go to the borrowers with the strongest financial profiles, especially when they have high credit scores. Take some time to improve your score before applying for a loan if it needs some work. If you don’t know your credit score, LendingTree Spring can deliver it to your inbox, along with personalized insights for improvement.
- Determine how much you can afford: 10-year mortgages typically come with high monthly payments. Use a home affordability calculator to determine the payment size that fits comfortably within your budget.
- Shop around: Gather quotes from multiple lenders. Taking the time to complete this step could save you tens of thousands of dollars over your loan’s lifetime.
- Get preapproved: Getting a preapproval from your chosen lender is the best way to receive an accurate estimate for what you can afford.
Ready to compare offers from top lenders? Compare Rates TodayFrequently asked questions
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.