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Compare current 10-year mortgage rates

Advertiser Disclosure

Advertiser Disclosure

The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies. Zach Wichter is a former mortgage reporter at Bankrate. He previously worked on the Business desk at The New York Times where he won a Loeb Award for breaking news, and covered aviation for The Points Guy. On Sunday, November 13, 2022, 6.24%. The average 10-year refinance APR is 6.22%, according to Bankrate's latest survey of the nation's largest refinance lenders. At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for . ON THIS PAGE Important information about our rate table The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our "Advertisers"). Other lenders' terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a "Next" button that can be used to click-through to the Advertiser's own website or a phone number for the Advertiser. Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertisers phone number when you click-through to their website. In addition, credit unions may require membership. If you are seeking a loan for more than $548,250, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount. The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included. If you have used Bankrate.com and have not received the advertised loan terms or otherwise been dissatisfied with your experience with any Advertiser, we want to hear from you. Please to provide your comments to Bankrate Quality Control.

Weekly national mortgage rate trends

Mortgages Refinance 10 year fixed refinance 6.55% 15 year fixed refinance 6.48% 30 year fixed refinance 7.24%

Today s 10-year mortgage rates

The table below brings together a comprehensive national survey of mortgage lenders to help you know what are the most competitive mortgage interest rates. This interest rate table is updated daily to give you the most current rate when choosing a mortgage home loan. Purchase Refinance Product Interest Rate APR 6.22% 6.24% 6.20% 6.24% 6.90% 6.91% Rates as of Sunday, November 13, 2022 at 6:30 AM Product Interest Rate APR 6.20% 6.22% 6.17% 6.20% 6.87% 6.89% Rates as of Sunday, November 13, 2022 at 6:30 AM

Lenders nationwide provide weekday mortgage rates to our comprehensive national survey to bring you the most current rates available. Here you can see the latest marketplace average rates for a wide variety of purchase loans. The interest rate table below is updated daily to give you the most current purchase rates when choosing a home loan. APRs and rates are based on no existing relationship or automatic payments. For these averages, the customer profile includes a 740 FICO score and a single-family residence. To learn more, see .

Bankrate has been the authority in personal finance since it was founded in 1976 as the "Bank Rate Monitor," a print publication for the banking industry. Bankrate has been surveying and collecting mortgage rate information from the nation's largest lenders for more than 30 years. Hundreds of top publications, such as The New York Times, Wall Street Journal, CNBC and others, depend on Bankrate as a trusted source of financial information, so you know you're getting information you can trust.

Pros and cons of 10-year fixed mortgages

There are two major upsides to these ultra-short loans. First, 10-year loans have lower interest rates compared with longer-term mortgages. In addition, you'll pay off your mortgage faster and spend a lot less on interest over the life of the loan. On the flip side, your monthly payments will be much larger than they would be for a longer loan term. You should only consider a 10-year mortgage if you can comfortably afford a sizable monthly payment.

Pros

Own your home much sooner than you would with a longer loan term Spend most of your monthly payment on paying down the principal rather than paying interest Obtain a lower rate and save significantly on interest over the life of the loan

Cons

Could limit your ability to buy a more expensive home Greater risk of struggling to make payments in the event of a job loss or decrease in income Higher monthly payments may deplete funds available for other financial goals such as retirement savings

How to find the best mortgage for you

Once you've decided which term is right for you, do your due diligence to find the best mortgage. .) Research and compare mortgage rates from several entities, which could include traditional banks, and . Prepare by reviewing your credit report to confirm it's correct, and have an idea of how much you can afford to pay each month. Since a 10-year mortgage generally entails higher monthly payments, lenders will want to see a higher income level even if you have a solid credit score and savings. The good news is that any time of year can be a good time to shop for a mortgage. Fees for a 10-year mortgage will be similar to those of other mortgages. If you choose a mortgage with a longer repayment term and decide you want to pay it off faster - say in 10 years - if you had a 10-year mortgage rate and pay that amount each month. Be sure to instruct your lender to apply the extra funds to the principal. This is a good option for borrowers who want to pay aggressively but don't want to be locked into higher payments.

Alternatives to a 10-year mortgage

While paying off your mortgage in 10 years sounds great, it's not always feasible for everyone. Shorter-term loans come with higher monthly payments, which can put a strain on finances. Also, depending on a number of factors like your income and other debts, you may not be able to qualify for a 10-year mortgage. If that's the case, you can still pay off your loan in less time if you're very disciplined about your finances by making extra payments, or contributing more than the monthly minimum to your mortgage when you pay. Bankrate offers a . You can also start off with a longer-term mortgage, and refinance to a shorter-term one when your budget allows.

Frequently asked questions about 10-year mortgages

"A 10-year fixed mortgage is just a 10-year amortization," says Silverton Mortgage President Josh Moffitt, whose company is based in Atlanta. "Your rate payment is done over 10 years, as opposed to many traditional mortgages which are paid over 30 years. By shortening the term it's a massive amount of savings because you're putting 20 years of interest away." For the buyer who wants to pay off their mortgage quickly while reducing how much total interest they pay, the 10-year mortgage offers a way to do just that. To find out if a 10-year mortgage is right for you, do the math using the . Get the for 10-year fixed-rate mortgages. Be sure to check back regularly, as rates change all the time. The great news for borrowers is that mortgage rates have never been lower and rates on 10-year loans tend to be even lower than those for the more common 30-year mortgage.

The biggest advantage to a 10-year mortgage: You'll avoid paying the interest that comes with a longer loan like a 15- or 30-year mortgage. Over the course of three decades, you pay much more interest than you would over a single 10-year period. Your interest rate on a 10-year mortgage will generally be lower than the rates on comparable longer-term mortgages as well.

Generally, the shorter the loan term, the lower the interest rate. The downside of loans with shorter terms is that the monthly payments are bigger. There are arguments for and against 10-year loans. The pros are that you will end up paying less in interest and your mortgage will be paid off sooner than with longer loans. The con: Your monthly mortgage payment will be significantly larger than if you had a longer-term loan. Compare today to find out how much you can save by going with a shorter loan. Once you crunch the numbers, you might find that it's worth it to pay more each month to save on the total loan's interest costs. Here are three loan scenarios that show monthly payments vs. total cost on $300,000 mortgages with interest rates that reflect loan type (remember, shorter loans have lower rates): Loan Type Interest Rate Total Cost Monthly Payment Total Interest Paid 10-Year Mortgage 2.5% $339,371 $2,828 $39,371 2.65% $363,891 $2,021 $63,891 3.00% $455,332 $1,264 $155,332

Both the 10-year fixed mortgage and the , or ARM, typically have lower interest rates than their longer-term, fixed-interest counterparts. The main difference between them is that the 10-year fixed-rate mortgage has a locked interest rate while the ARM has a floating rate. It's important to note that ARMs have a "fixed period" when the rate does not adjust. For example, in 5/1 ARMs, the interest rate stays the same for the first five years. If you plan on selling within five years, you can compare the 5/1 ARM with a 10-year mortgage to see which one has the lower rate. But keep in mind that the typical ARM amortizes over 30 years, which means the payments will be much lower than a 10-year loan, even if it has a lower interest rate. And at the end of five years, and assuming identical interest rates on the two loans, you'll have paid down about 12 percent of the balance of the 5/1 30-year ARM, while with the 10-year fixed, you'll have paid off nearly half the balance. There are also 7/1 ARMs, which lock the rate for the first seven years. If you intend on staying longer then you might want to consider a 10-year fixed-rate loan.

Other useful tools

: compare today's mortgage rates for various loan types : lower your monthly payment with today's low refi rates : hear from other Bankrate consumers about their experience with local lenders

Written by Zach Wichter mortgage reporter for Bankrate

Zach Wichter is a mortgage reporter at Bankrate. He previously worked on the Business desk at The New York Times where he won a Loeb Award for breaking news, and covered aviation for The Points Guy.

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