Current 10-Year Mortgage Rates

Find your best rate below

How Does LendingTree Get Paid?
Privacy Secured  |  Advertising Disclosures
 

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

Mortgage loan amountStarting interest rateStarting APR
$201,000 to $300,9994.38%5.42%
$301,000 to $400,9994.25%5.31%
$401,000 to $500,9994.25%5.12%
$501,000 to $600,999 4.25%5.11%
$601,000 to $700,999 4.25%5.04%

Are 10-year mortgage rates going up or down?

The Federal Reserve plans to raise rates several times this year, and mortgage rates tend to correlate, according to Jacob Channel, LendingTree’s senior economic analyst. “It’s possible — if not likely — that 10-year mortgage rates will climb even higher as the year goes on,” he says. However, he noted that rates for 10-year mortgages tend to be considerably lower than rates for mortgages with longer terms, and could remain a good option for those who can afford the higher payments attached to them.

Learn about housing expectations for 2022.

Borrowers interested in a 10-year mortgage could ask for a fixed- or adjustable-rate mortgage (ARM). The interest rate is set in stone for the duration of the loan term with a fixed-rate mortgage, while with an ARM, the interest rate will rise or fall with market trends. ARMs may be a good option when rates are expected to fall and not when they are likely to rise.

Best 10-year mortgage lenders

Out of the best mortgage lenders of 2022, here are two that specifically offer 10-year mortgages. Other top lenders may be open to offering shorter terms if you speak with a loan officer.

LENDERLENDINGTREE RATING*MINIMUM CREDIT SCOREMINIMUM DOWN PAYMENT
AmeriSave8/10600 VA/FHA0% VA/USDA
CashCall Mortgage8.5/105600% VA
Rocket Mortgage9.5/10620 Conventional, 580 VA/FHA3% Conventional, 0% VA, 3.5% FHA

If you’re interested in refinancing to a 10-year mortgage, check out these mortgage refinance tips.

Methodology

To determine the best 10-year mortgage lenders we reviewed fully vetted data from 35 published LendingTree mortgage reviews and evaluated key areas, including:

  • Online convenience and accessibility
  • Helpful online articles about mortgages and homebuying
  • Variety of mortgages and special loan types offered
  • Online information about how to qualify for different mortgage products
  • Access to loan officers after normal business hours
  • Options for home loan borrowers with bad credit
  • Number of years of experience originating mortgage loans
  • Lender-published online mortgage rate information

What’s the difference between a 10-year and 30-year fixed-rate mortgage?

A lower mortgage term typically means you pay much less in interest. Because you’re paying off the loan faster, you’ll not only have a lower interest rate, but that lower interest rate will apply to a relatively short period of time. This can bring down your total loan costs dramatically — however, the trade off is a significantly higher payment.

Loan TermInterest rateMonthly payment*Total lifetime interest paidMonthly income needed to qualify
30 years3.75%$1,157.79$166,804.03$2,692.53
15 years3.25%$1,756.67$66,200.95$4,085.28
10 years2.75%$2,385.28$36,233.09$5,547.16

Pros and cons of a 10-year mortgage

Pros

  Rates are typically lower than rates for 15- and 30-year mortgages. Interest rates for 10-year mortgages may be a whole percentage point lower than those for longer-term mortgages.

  You’ll build equity quickly. As you’re paying off the loan relatively quickly, you’re also building equity at a faster pace.

  You’ll save on interest charges. A lower interest rate combined with a shorter term typically means significant savings in the amount of interest you pay over the life of the loan.

Cons

  You’ll have a higher payment. A payment that stretches your budget to the max could become unaffordable if you face financial stress.

  You’ll miss out on tax deductions. You won’t be able to deduct much mortgage interest on your taxes over the years, as you won’t be paying much interest.

Frequently asked questions

Try an online comparison rate tool, call local mortgage companies or contact a bank or credit union in your area.

 If you can afford the higher payment and want to be mortgage-free in the shortest time possible, a 10-year, fixed-rate loan probably makes sense.

 The best mortgage for you leaves enough room in your budget for other expenses, as well as savings and retirement goals.