Compare Current 10-Year Mortgage Rates
The current average 10-year fixed mortgage rate is 5.88%. The current average 10-year fixed refinance rate is 6.75%.
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 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
Compare 10-year rates against other loan terms
| Loan Product | Interest Rate | APR |
|---|---|---|
| 30-year fixed rate | 6.06% | 6.20% |
| 20-year fixed rate | n/a% | n/a% |
| 15-year fixed rate | 5.22% | 5.42% |
| 10-year fixed rate | 5.88% | 5.94% |
| FHA 30-year fixed rate | 5.75% | 6.40% |
| 30-year 5/1 ARM | 5.98% | 6.57% |
| VA 30-year 5/1 ARM | 5.13% | 5.60% |
| VA 30-year fixed rate | 5.44% | 5.64% |
| VA 15-year fixed rate | 4.91% | 5.30% |
Average rates disclaimer
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.
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.
- 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
- Doesn’t offer USDA loans
- Doesn’t offer home equity lines of credit (HELOCs)
- Doesn’t operate brick-and-mortar locations
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%.
- Offers a wide variety of loan programs
- Doesn’t charge origination fees
- Offers an online application
- 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
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.
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.
Pros and cons of a 10-year mortgage
Pros
-
You can expect a lower interest rate
Interest rates for 10-year mortgages usually trend lower than for longer loan terms. -
You’ll build equity quickly
Since you’re paying off the loan relatively quickly, you’re also building home equity at a much faster pace. -
You’ll 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
-
Your monthly payments will be higher
A payment that stretches your budget to the max could become unaffordable if you face financial stress. -
You’ll have less buying power
You might not qualify for as much house as you could have with a 30-year loan, because the mortgage payments will be more expensive. -
You’ll have less financial flexibility
Having a 10-year mortgage means you’ll make large payments every month, without fail. If you choose a 30-year mortgage, you can enjoy lower payments anytime you need to — and you’ll always have the option to pay off the loan early. -
Your tax deductions will be smaller
You won’t be able to deduct as much mortgage interest on your taxes over the years, as you won’t be paying as much interest.
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.
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. 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.
How we chose our picks for the best 10-year mortgage lenders
To determine the best 10-year mortgage loan lenders, we reviewed data collected from more than 30 lender reviews completed by the LendingTree editorial staff.
Each lender review gives a rating between zero and five stars based on several features including digital application processes, available loan products and the accessibility of product and lending information.
Our editorial team brought together all of the data about lenders in our reviews, as well as the scores awarded for 10-year-mortgage-specific characteristics, to find the lenders with a product mix, information base and guidelines that best serve the needs of 10-year mortgage loan borrowers. To be considered for our “best overall” pick, lenders must be licensed to issue mortgages in at least 35 states.