10-Year Fixed Mortgage Rates

The best 10-year mortgage rates are always the lowest, but there are other factors to consider when finding the best lender for you. Some lenders offer comprehensive online tools for managing your loan. Others offer better customer service than their competitors, and some lenders can provide you with a loan more quickly than others can.

The Best 10-year fixed mortgage lenders of 2020

Lender Starting Interest Rate Minimum Credit Score Minimum Down Payment
Rocket Mortgage not disclosed 620  3%
Third Federal Savings & Loan 2.84% 620  3%
NBKC Bank 4.00% 620  3.5%
First Mortgage Direct 3.75% not disclosed not disclosed

*Advertised rates as of 1/28/2020

The 4 best 10-year fixed mortgage lenders of 2020

Rocket Mortgage

Rocket Mortgage by Quicken Loans has some excellent online tools, which makes it a great option for younger, first-time homebuyers who would rather manage their loan online. Rocket Mortgage has its own app, so you can even manage your loan from a smartphone. It also has an entire walk-through tool on its website dedicated to first-time homebuyers.

You can customize the length of your mortgage term using the Quicken Loans YOURgage® tool. Rocket Mortgage offers loan terms ranging from 8 to 30 years. The company has received numerous awards from J.D. Power for their mortgage services, and in 2019, Quicken Loans ranked highest in mortgage origination satisfaction for the 10th consecutive year.

Third Federal Savings & Loan

Third Federal Savings & Loan only offers 10-year fixed-rate mortgages in select states, such as Georgia and Indiana, but its rates are some of the lowest in the business.

It also offers a “Lowest Rate Guarantee.” If you find a rate lower than the one offered by Third Federal, it will either beat it or pay you $1,000. It will lock in your loan rate once you’re preapproved or even before preapproval, and it only charges $295 in closing costs. You can even avoid private mortgage insurance (PMI) with just 15% down, according to the Third Federal Savings & Loan website.


NBKC Bank’s 10-year fixed mortgage rates may not be as low as other lenders. It also requires a 3.5% down payment. Nonetheless, it has some of the highest marks for customer services compared to other 10-year fixed mortgage providers.

NBKC (National Bank of Kansas City) has an A+ rating and a 5-star customer review profile with the Better Business Bureau. It was named Lender of the Year by The Mortgage Program for Costco® Members, and it has received other customer service awards from popular online review sites. It features many of these accolades on the homepage.

First Mortgage Direct

First Mortgage Direct is the online lending division of First Mortgage Solutions, a “family-owned and locally operated Mortgage Company,” according to the company’s website. First Mortgage Direct doesn’t provide much information about its mortgage rates and associated costs.

This type of deal may mean you’ll have to pay those costs later on, but if avoiding origination fees, application fees and other costs is a priority for your 10-year fixed mortgage, it might be a good option.

What is a 10-year fixed mortgage?

A 10-year fixed mortgage is a home loan you repay over the course of 10 years. It has a fixed interest rate, which means the interest rate you lock in when you take out the loan never changes. You’ll accrue the same percentage of interest on your loan for each monthly cycle.

10-year fixed mortgage rates are almost always lower than the interest rates for mortgages with longer terms, such as 15-year mortgages and 30-year mortgages. This allows you to pay down your mortgage and earn equity in your home more quickly, but it also means you’ll need to make larger monthly payments. This makes 10-year fixed mortgages harder to come by, and makes 10-year adjustable-rate mortgages (ARMs) more common. A 10-year mortgage is a good option for real estate investors, high-income buyers, buyers who are close to retirement or individuals who have enough cash on hand to make a substantial down payment to avoid high monthly costs.

How should I choose the right 10-year fixed mortgage?

The most important decision you need to make regarding a 10-year fixed mortgage is whether the term length is appropriate for you. It’s relatively rare for homebuyers to apply for mortgages with terms of less than 15 years. A 10-year term will require you to make substantial monthly payments, which could have a dramatic impact on your budget. You could also consider refinancing an existing, longer-term mortgage with a 10-year fixed loan if you can afford it. Doing so could secure a lower interest rate and you may be able to build equity faster than with your previous mortgage.

If you still think a 10-year fixed mortgage is right for you, the most important factors to consider are your interest rate and APR, your lender’s standards of customer service and the tools your lender provides you to manage your mortgage.

You’ll want to get the lowest mortgage rate you can, but that doesn’t mean you should sacrifice your other needs or wants to do it. Go with a lender that has high customer service standards. If you’d like to be able to apply and manage your mortgage easily, then choose a lender that provides technology tools to do so. For example, Rocket Mortgage has a smartphone app, whereas smaller lenders may not.

The bottom line

A 10-year fixed-rate mortgage isn’t a good choice for most homebuyers, but if you can make the high monthly payments, it’s probably a safer option than a 10-year adjustable-rate mortgage. Most mortgage lenders don’t advertise information about their 10-year mortgage terms, so you may need to do some digging to get rates. Regardless, you can expect to save a lot in interest with a 10-year mortgage if you can afford to keep up with the payments.

Michael Rand
Michael Rand
Contributing Writer

Michael Rand is a business and personal finance writer based in Beverly, Massachusetts. He holds a master's degree in writing from Salem State University and spent years producing content for financial services clients as an agency writer. His work has been featured in publications like Interest.com, The Simple Dollar, and Monetize.info.