Yes, 10-year fixed-rate mortgages usually offer rates that are lower than 30-year mortgages.
| Loan amount | Min. APR | Max. APR | Average APR |
|---|---|---|---|
| $200,000 or less | 5.00% | 7.50% | 6.98% |
| $200,001 - $300,000 | 4.75% | 7.50% | 6.71% |
| $300,001 - $400,000 | 4.50% | 7.50% | 6.45% |
| $400,001 - $500,000 | 4.50% | 7.50% | 6.44% |
| More than $500,000 | 4.38% | 7.50% | 6.45% |
| All loan amounts | 4.38% | 7.50% | 6.66% |
| Loan amount | Min. APR | Max. APR | Average APR |
|---|---|---|---|
| $200,000 or less | 4.75% | 7.50% | 7.05% |
| $200,001 - $300,000 | 4.50% | 7.63% | 6.89% |
| $300,001 - $400,000 | 4.50% | 7.63% | 6.68% |
| $400,001 - $500,000 | 4.50% | 7.63% | 6.63% |
| More than $500,000 | 4.38% | 7.63% | 6.56% |
| All loan amounts | 4.38% | 7.63% | 6.81% |
10-year mortgage interest rates will likely remain steady as we enter 2025. The Federal Reserve cut the federal funds rate twice this fall, and could do so again at its final meeting of the year in December. With or without a final cut this year, market watchers expect 30-year mortgage rates to remain between 6% and 7% as we head into the new year and for most of 2025.
10-year mortgage rates tend to be considerably lower than rates for mortgages with longer terms, although usually they will move up and down 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.
Ratings and reviews are from real consumers who have used the lending partner’s services.
Ratings and reviews are from real consumers who have used the lending partner’s services.
VA loans
580
0% to 3%*
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%.
Ratings and reviews are from real consumers who have used the lending partner’s services.
Ratings and reviews are from real consumers who have used the lending partner’s services.
FHA loans
580
0% to 3.5%*
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.
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 $2,460 if you choose a 30-year term. But with a 10-year term, the payments shoot up to around $4,025 per month.
Use a mortgage calculator to estimate your monthly payment with different loan terms.
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.
Higher monthly payments. A payment that stretches your budget to the max can quickly become unaffordable if your finances change.
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 you to make lower payments when you need to, 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 TodayYes, 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.
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.
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