Current 10-Year Mortgage Rates

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

Loan amount
Min. APR
Max. APR
Average APR
$200,000 or less
5.88%
7.50%
7.16%
$200,001 - $300,000
5.38%
7.50%
7.02%
$300,001 - $400,000
5.38%
7.50%
6.78%
$400,001 - $500,000
5.00%
7.50%
6.65%
More than $500,000
4.75%
8.00%
6.53%
All loan amounts
4.75%
8.00%
6.95%

10-year refinance rates by loan amount

Loan amount
Min. APR
Max. APR
Average APR
$200,000 or less
5.38%
7.50%
7.16%
$200,001 - $300,000
5.25%
7.63%
7.08%
$300,001 - $400,000
5.13%
7.63%
6.93%
$400,001 - $500,000
5.00%
7.63%
6.84%
More than $500,000
4.75%
7.63%
6.71%
All loan amounts
4.75%
7.63%
7.01%
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Are 10-year mortgage rates going up or down?

10-year home loan interest rates will likely fall as 2024 continues. So far this year, the Fed hasn’t had to raise rates. In fact, Fed officials have signaled that three rate cuts are expected before the end of this year. That’s good news for mortgage borrowers, since 10-year fixed mortgage rates are likely to follow those benchmark rates downward.

Rates for 10-year mortgages tend to be considerably lower than rates for mortgages with longer terms. So if you can afford the higher payments attached, a 10-year mortgage might be a great way to access lower interest rates.

Mortgage rates tend to move roughly in tandem with national interest rates as a whole. In 2023, the Federal Reserve raised the federal funds rate four times and mortgage rates followed, rising through most of 2023 before topping out at 7.79%. As a strategy to battle inflation, these rate hikes were largely successful in slowing down home purchases. The Fed dropping rates throughout the year will make homebuying more accessible again.

Read our mortgage interest rates forecast to help you understand how current rates can affect your homebuying decisions.

Best 10-year mortgage lenders

Out of LendingTree’s picks for the best mortgage lenders, only two offer 10-year mortgages. However, other top lenders may be open to offering shorter terms if you speak with a loan officer.

Rocket Mortgage

(2,613)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

(2,613)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

5 stars

580

0% to 3%*

VA loans

*Down payment amount depends on loan program.

AmeriSave Mortgage

(14,371)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

(14,371)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

4 stars

580

0% to 3.5%*

FHA loans

*Down payment amount depends on loan program.

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

A shorter mortgage term typically means you pay much less in interest — 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, you’ll not only have a lower interest rate, but that lower interest rate will apply to a relatively short period of time.

This shorter loan term can bring down your total loan costs dramatically — however, the trade-off is a significantly higher monthly payment. For example, the monthly payment on a $350,000 mortgage could be around $2,300 if you choose a 30-year term. But with a 10-year term, the payments shoot up to around $4,000 per month.

 Use a mortgage calculator to estimate your monthly payment with different loan terms.

So is a 10-year mortgage worth it? That depends on your exact situation — but if you can comfortably afford the monthly payments, it makes good financial sense to go with a 10-year term.
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Pros and cons of a 10-year mortgage

Pros

Lower rates. Interest rates for 10-year mortgages usually trend lower than for longer loan terms.

Build equity quickly. Since you’re paying off the loan relatively quickly, you’re also building home equity at a faster pace.

Save on interest charges. A lower interest rate combined with a shorter term typically means significant savings on interest charges over the life of your loan.

Cons

Higher monthly payments. A payment that stretches your budget to the max could become unaffordable if you face financial stress.

Less buying power. You may not qualify for as much as with a 30-year loan because your mortgage payments will be more expensive.

Less flexibility. 10-year mortgages have larger payments every month. 30-year mortgages allow lower payments when you need, and you have the option to pay off the loan early.

Smaller tax deductions. You can’t deduct as much mortgage interest on your taxes each year because you don’t pay as much interest.

Ready to compare offers from top lenders? Get Customized Rates Today

Frequently asked questions

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. Overall 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.

There’s no way to know what rates you’ll be paying once an adjustable-rate mortgage (ARM) loan adjusts, so comparing a fixed-rate loan to an ARM can be like comparing apples to oranges. One way you can compare them, though, is by diving into the fine print in your ARM’s loan estimate — an ARM lender is required to disclose the maximum percentage your interest rate can reach. Do the math on what your 10-year ARM payments would look like at the bottom and top of that range of interest rates.