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Current 10-year mortgage rates

Even with rising rates, is a 10-year mortgage ideal?

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Current 10-year mortgage rates have begun to rise, as has long been expected after a long run of historically low rates on home loans. Despite this uptick, rates remain on the low end of historical ranges for 10-year mortgages. If you're in the market for a short-term home loan, now may be the time to make your move.

Current 10-year mortgage rates

Rates are effective 11/30/2023 and are subject to change without notice. APR shown is provided by a partner of ConsumerAffairs.

6.635%0.0%Get Rates

The APR shown of 6.635% is available for a 10-year fixed rate loan in the amount of $200,000 for consumers with loan-to-value of at least 80%.

Current refinance rates

6.475%0.0%Get Rates

The APR shown of 6.475% is available for a 10-year fixed rate loan in the amount of $200,000 for consumers with loan-to-value of at least 80%.

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Benefits of a 10-year mortgage

A 10-year mortgage has one of the shortest terms of the traditional home loan products. The shorter term is appealing to some homebuyers because it usually comes with a lower APR than lengthier loan options (such as a 30-year fixed-rate loan). However, because of the shorter repayment periods, these home loans have higher monthly payments.

A 10-year mortgage may not be ideal for everyone due to the high monthly cost.”

A 10-year mortgage may not be ideal for everyone due to the high monthly cost. If you can comfortably afford the payment, though, you stand to save significantly in interest over the life of your loan.

What is a good mortgage rate?

At the time of publishing, qualified borrowers can secure a 10-year mortgage with an interest rate around 2.5%. However, the market is always changing, and rates are constantly fluctuating.

You should expect some variation in the rates you’re offered — not just because of the shifting market, but also due to the many variables that determine the rates mortgage companies provide. Your financial situation is different from that of other borrowers, which affects the home loan rates you qualify for.

Bottom line: Is a 10-year mortgage worth it?

A 10-year mortgage is a great loan option for the right borrower.

If you’re in a tight spot financially or paying off high-interest debt, it may be best to wait until you improve your financial situation before applying for a 10-year mortgage. It’s better to go with a loan you can confidently afford and pay extra each month than to overcommit yourself financially.

A 10-year loan provides among the lowest interest rates of all traditional mortgages and gives you free and clear ownership in a shorter time than other common loan terms. On the other hand, a 10-year mortgage requires a monthly payment that’s significantly higher than what you'd pay with a 30-year term.

It's important to weigh your options, consider what you can afford on a monthly basis (including taxes and insurance) and plan for unforeseen expenses. There are many factors involved in making this decision, so you'll want to speak with multiple lenders. Doing so equips you with insights that will give you confidence in your decision.

With rates seemingly on the rise — but still near all-time lows — borrowers who are in the market for home financing may want to act sooner than later. Mortgage rates can change by the day. Maintaining an awareness of the mortgage market and comparing estimates from one lender to the next ensures you’re receiving fair and reasonable rates.

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