Current 10-Year Mortgage Rates

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Mortgage loan amount	Average APR
$200,000 or less	6.53%
$200,001 - $300,000	6.35%
$300,001 - $400,000	6.17%
$400,001 - $500,000	6.04%
More than $500,000	6.01%
All loan amounts	6.26%

Are 10-year mortgage rates going up or down?

Mortgage rates tend to move roughly in tandem with national interest rates as a whole. In 2022, the Federal Reserve raised the federal funds rate several times in a move to battle inflation and, as expected, mortgage rates followed. Although inflation did ease a bit in early 2023, it remained relatively high, and the Fed raised rates again at the end of March.

However, the good news is that rates for 10-year mortgages tend to be considerably lower than rates for mortgages with longer terms, and could remain a good option for those who can afford the higher payments attached to them.

LendingTree’s mortgage interest rates forecast helps you see how current rates can affect your homebuying decisions.

In response to rising interest rates, borrowers are increasingly turning away from fixed-rate loans and toward adjustable-rate mortgages (ARMs) — the number of buyers choosing ARMs reached a 15-year high in September 2022. With an ARM, you’ll enjoy a lower mortgage interest rate than you’d get on a fixed-rate mortgage for an initial period of time, which can last anywhere from one month to 10 years. After that, the interest you pay will change based on a formula tied to a benchmark interest rate, like the federal funds rate. The exact formula will be set out in your contract.

Additional fees on ARMs in 2023

Conventional loan borrowers who choose adjustable-rate purchase or refinance loans will pay higher interest rates or added closing costs beginning May 1, 2023. The extra costs will apply to those borrowing more than 90% of their home’s value and will be 0.25% of the loan amount.

Best 10-year mortgage lenders

Out of the best mortgage lenders, here are two that specifically offer 10-year mortgages. Other top lenders may be open to offering shorter terms if you speak with a loan officer.

Lender	LendingTree rating	Minimum credit score	Minimum down payment
Rocket Mortgage	5/5	580	0% to 3%
AmeriSave	3.5/5	600	0% to 3.5%

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 more traditional 15- or 30-year 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.

Rate Changes for High-DTI Conventional Loans in 2023If the higher payments that come with choosing a 10-year loan will push your monthly debt-to-income (DTI) ratio over 40%, it may be worth reconsidering. Beginning Aug. 1, 2023, if you have a conventional loan and your DTI rises above 40%, you could face higher interest rates or an extra fee at closing. This added cost only applies to those borrowing more than 60% of their home’s value, and the fee will range from 0.25% to 0.375% of the loan amount.

Pros and cons of a 10-year mortgage

Pros

Rates are typically lower than rates for 15- and 30-year mortgages. Interest rates for 10-year mortgages usually trend lower than for longer loan terms.

You’ll build equity quickly. As you’re paying off the loan relatively quickly, you’re also building home equity at a faster pace.

You’ll save on interest charges. A lower interest rate combined with a shorter term typically means significant savings in the amount of interest you pay over the life of the loan.

Cons

You’ll have a higher monthly payment. A payment that stretches your budget to the max could become unaffordable if you face financial stress.

You could see high-DTI fees. If the hefty payments that come with a 10-year loan push your monthly DTI ratio above 40% and you have a conventional loan, you might have to pay an extra fee at closing.

You may not be able to afford as much house as you could have with a 30-year loan, because the mortgage payments will be more expensive.

You’ll be locked into a quick paydown of your mortgage, whereas if you choose a 30-year mortgage, you always have the option to pay it off early.

You could miss out on tax deductions. 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.

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 and apply with a few lenders of your choice to compare offers and 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 must prove you’re able to make the payments. For a conventional mortgage, you’ll also need at least a 3% down payment 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 ratios.

Because there’s no way to know what rates you’ll be paying once an ARM loan adjusts, comparing a fixed-rate loan to an ARM can be like comparing apples to oranges. One way to do it is to dive into the fine print in your ARM’s loan estimate, as an ARM lender is required to disclose the maximum amount your interest rate can adjust by. Do the math on what your payments would look like at the bottom and top of the range of interest rates you may see.