Compare 10-year mortgage rates
A 10-year fixed-rate mortgage is a home loan that can be paid off in 10 years. Though you can get a 10-year fixed mortgage to purchase a home, these are most popular for refinances. Find and compare current 10-year mortgage rates from lenders in your area.
About These Rates: The lenders whose rates appear on this table are NerdWallet’s advertising partners. NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a lender’s site. The terms advertised here are not offers and do not bind any lender. The rates shown here are retrieved via the Mortech rate engine and are subject to change. These rates do not include taxes, fees, and insurance. Your actual rate and loan terms will be determined by the partner’s assessment of your creditworthiness and other factors. Any potential savings figures are estimates based on the information provided by you and our advertising partners.
Mortgage rate trends (APR)
NerdWallet’s mortgage rate insight
On Wednesday, January 27th, 2021, the average APR on a 30-year fixed-rate mortgage fell 5 basis points to 2.825%. The average APR on a 15-year fixed-rate mortgage fell 13 basis points to 2.278% and the average APR for a 5/1 adjustable-rate mortgage (ARM) fell 5 basis points to 2.930%, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 9 basis points lower than one week ago and 96 basis points lower than one year ago.
A basis point is one one-hundredth of one percent. Rates are expressed as annual percentage rate, or APR.
Current mortgage and refinance rates
|30-year fixed-rate FHA||2.231%||2.899%|
|30-year fixed-rate VA||2.322%||2.597%|
How can I find current 10-year mortgage rates?
NerdWallet’s mortgage rate tool can help you find competitive 10-year fixed mortgage rates. In the filters above, enter a few details about the loan you’re looking for, and you’ll get a personalized rate quote in moments, without providing any personal information. From there, you can start the process to get preapproved for your home loan. It’s that easy.
What is a 10-year fixed mortgage?
A 10-year fixed-rate mortgage maintains the same interest rate and monthly payment (excluding changes in taxes and insurance) over the 10-year loan period. A 10-year fixed-rate mortgage allows the borrower to pay off the mortgage faster and typically has a low interest rate. But monthly payments are higher than with fixed-rate mortgages that have longer terms.
When should you consider a 10-year fixed-rate loan?
For most borrowers, the main draws of a 10-year fixed-rate loan are the low interest rates and the ability to pay off your mortgage faster. However, your monthly payments will be much higher and it may be harder to qualify for the loan.
However, if you’re considering refinancing and owe little on your current loan, a 10-year fixed-rate loan may be an attractive option.
What is a good 10-year mortgage rate?
Mortgage rates vary from day to day, and they also vary from lender to lender. To feel confident you’re getting a good rate, you’ll want to get a customized quote from the lender. Unsurprisingly, your financial details play a substantial role in determining the rate you’ll be quoted.
When you apply for a 10-year loan — hopefully with at least three lenders to make sure you’re getting the best deal — you’ll receive a Loan Estimate from each lender. Comparing the rates and fees side by side will help you determine not only who has the best rate, but also what your total costs will be over the life of the loan.
And if you’re looking for a shorter-term loan, a 10-year fixed isn’t your only option. You could also consider a 15-year fixed loan. If you want to borrow more but don’t intend to stay put for long, an adjustable-rate mortgage could be a good option. These have especially low monthly payments during the first few years of the loan.
» MORE: Estimate your monthly payment with our mortgage calculator
Pros and cons of a 10-year fixed-rate mortgage
Is a 10-year mortgage a good idea? That depends on your financial situation and goals. Here are some benefits and drawbacks of a 10-year fixed-rate loan:
Predictability: Because it’s a fixed rate, the monthly principal and interest payments are the same over the life of the loan. Keep in mind that your monthly payments also include taxes and insurance, which can change.
Lower rates: Since you’re borrowing the lender’s money for a shorter amount of time, you’re likely to get a more generous rate.
Less interest: You pay less total interest over the life of a 10-year mortgage because you make fewer payments than you would with a longer-term loan.
Higher payments: Because they’re only spread out over 10 years, the monthly payments on a 10-year fixed mortgage are higher than for a 20- or 30-year mortgage. That can give you less flexibility in terms of keeping cash on hand, and may mean you only make the minimum monthly payment.
Smaller loan: Because the monthly payments on a 10-year loan are larger than on a longer-term loan, you may not be able to afford to borrow as much as you would with a longer-term loan.
How are mortgage rates set?
At a high level, mortgage rates are determined by economic forces that influence the bond market. You can’t do anything about that, but it’s worth knowing: Bad economic or global political worries can move mortgage rates lower. Good news can push rates higher.
What you can control are the amount of your down payment and your credit score. Lenders fine-tune their base interest rate on the risk they perceive to be taking with an individual loan.
So their base mortgage rate, computed with a profit margin aligned with the bond market, is adjusted higher or lower for each loan they offer. Higher mortgage rates for higher risk; lower rates for less perceived risk.
So the bigger your down payment and the higher your credit score, generally the lower your mortgage rate.
» MORE: Get your credit score for free
What’s the difference between interest rate and APR?
The interest rate is the percentage that the lender charges for borrowing the money. The APR, or annual percentage rate, is supposed to reflect a more accurate cost of borrowing. The APR calculation includes fees and discount points, along with the interest rate.
APR is a tool used to compare loan offers, even if they have different interest rates, fees and discount points.
A major component of APR is mortgage insurance — a policy that protects the lender from losing money if you default on the mortgage. You, the borrower, pay for it. Lenders usually require mortgage insurance on loans with less than 20% down payment (in a home purchase) or less than 20% equity (in a refinance).
» MORE: How APR affects your mortgage
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Mortgage rates by loan type
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