Compare Current 10-Year Fixed Mortgage Rates

The difference between a 30-year fixed-rate and a 10-year fixed-rate mortgage is pretty astounding. While a 30-year rate offers a high 3.400% interest rate and 3.620% APR, a 15-year fixed-rate boasts a much lower 2.860% interest rate with a 3.130% APR. Now imagine what a 10-year mortgage could save you.

Using our exclusive SimpleScore methodology, we have researched and analyzed today’s leading 10-year mortgage lenders to compare the best 10-year mortgages of 2020.

In this article

    Compare current 10-year mortgage rates

    According to Bankrate’s latest survey of the nation’s largest mortgage lenders, these are the current refinance average rates for a 30-year, 15-year fixed and 5/1 adjustable-rate mortgage (ARM) refinance rates among others.

    Product Interest Rate APR
    30-Year Fixed Rate3.030%3.240%
    30-Year FHA Rate2.600%3.490%
    30-Year VA Rate2.690%2.890%
    30-Year Jumbo Rate3.050%3.160%
    20-Year Fixed Rate2.870%3.050%
    15-Year Fixed Rate2.300%2.590%
    15-Year Fixed Jumbo Rate2.310%2.390%
    5/1 ARM Rate2.790%3.920%
    7/1 ARM Rate3.010%3.740%
    7/1 ARM Jumbo Rate3.280%3.570%
    10/1 ARM Rate3.260%3.920%

    Rates data as of 9/22/2021

    Best 10-year mortgages of 2021

    Best 10-year mortgages at a glance

    LenderInterest Rate (APR)Min. Down PaymentMin. Credit Score
    Rocket MortgageVariesFHA loans: 3.5%
    Other loans: 10%
    FHA loans: 560
    Other loans: 500
    Third Federal Savings & Loan2.39% (2.580%)3%Unpublished
    First Mortgage DirectVaries10%FHA/VA loans: 580
    Other loans: 620

    *Rates accurate as of September 2021

    Best online 10-year mortgage lender – Rocket Mortgage

    Apply for a loan from the train or the beach with a lender that’s designed to perform online.

    J.D. Power Rating
    Min. Credit
    Min. Down Payment
    3.4 / 5.0
    SimpleScore Rocket Mortgage 3.4
    Perks 4
    Credit Impact 4
    Customer Satisfaction 5
    Product Variety 3
    Fees 1

    Rocket Mortgage brings the power of Quicken Loans for an even more secure home loan.

    With Rocket Mortgage, you get the care and service of a smaller company matched with the backing and support of powerhouse Quicken Loans. This allows for improved resources and more competitive rates that can save you a ton on interest. That’s a good thing, too, because while Rocket Mortgage offers a ton of different products, they also charge a lot of fees.

    Note: The lender information (Min. Credit Score and Min Down Payment) included refers to a 30-year conventional loan. For specific information on 10-year mortgage loans, please visit the lender site.

    Best for low rates – Third Federal Savings & Loan

    Save your money for summer fun and ditch the fees with a mortgage from Third Federal.

    J.D. Power Rating
    Min. Credit
    Not specified
    Min. Down Payment
    Not specified
    4.5 / 5.0
    SimpleScore Third Federal Savings & Loan 4.5
    Perks 5
    Credit Impact 4
    Customer Satisfaction N/A
    Product Variety 4
    Fees 5

    Save thousands of dollars with Third Federal’s low rates and minimal fees.

    Third Federal Savings and Loan makes it easy to get a mortgage with no fees and a smaller down payment than those required by other lenders. While only available in a limited number of states, you will only find branches in Ohio and Florida if you prefer actual face-time with a rep. Otherwise, we love Third Federal’s rate guarantee so you won’t stay up at night wondering if you got the lowest available rate.

    Note: The lender information (Min. Credit Score and Min Down Payment) included refers to a 30-year conventional loan. For specific information on 10-year mortgage loans, please visit the lender site.

    Best for lowest upfront costs – First Mortgage Direct

    This is a company that prides itself on skipping the fees, so you can definitely save more than a few bucks on your loan.

    J.D. Power Rating
    Min. Credit
    Min. Down Payment
    3.3 / 5.0
    SimpleScore First Mortgage Direct 3.3
    Perks 2
    Credit Impact 4
    Customer Satisfaction N/A
    Product Variety 2
    Fees 5

    First Mortgage has a limited service area but has all the benefits of a smaller firm with more personalized attention.

    First Mortgage Solutions does not offer the nationwide availability of other lenders, with service in just 17 states. Additionally, it is licensed to offer FHA, VA and USDA loans, all loans that are not so easy to come by with the average lender. Its hands-on, personal approach to lending is refreshing and makes the lending experience more enjoyable during an already stressful time.

    Note: The lender information (Min. Credit Score and Min Down Payment) included refers to a 30-year conventional loan. For specific information on 10-year mortgage loans, please visit the lender site.

    Best for member perks – SoFi

    Penny pinchers will delight over low fees and competitive rates, but most borrowers won’t have the higher down payment that’s necessary here.

    J.D. Power Rating
    Min. Credit
    Min. Down Payment
    3.5 / 5.0
    SimpleScore SoFi 3.5
    Perks 2
    Credit Impact 5
    Customer Satisfaction N/A
    Product Variety 3
    Fees 4

    The online application is convenient, but you’ll need a higher deposit and face more limited options with SoFi.

    You’ll need a minimum of a 10% down payment to do business with SoFi, although existing members will love the extra $500 loyalty discount. It’s easy to apply for a mortgage with an application that’s done entirely online, and SoFi won’t snub its nose if you happen to be self-employed. However, there are no FHA, VA or USDA loans, so you won’t benefit from any government backing on these loans.

    Note: The lender information (Min. Credit Score and Min Down Payment) included refers to a 30-year conventional loan. For specific information on 10-year mortgage loans, please visit the lender site.

    What is a 10-year mortgage?

    When you buy a new home, you are going to need financing to help you pay for it. You will quickly find that there are many types of home loans that you can use. A 10-year mortgage is one option to reduce the length of your loan while still benefiting from a fixed interest rate. A fixed-rate mortgage means that the interest rate will not change for the length of your loan, so you will have the same payment amount each month. Although the amount of your taxes and insurance may change, your interest rate will not be affected.

    There are different types of government-sponsored mortgage programs specialized to assist homebuyers in the purchasing process. Because not everyone who wants to buy a house can afford a 20% down payment or private mortgage insurance, these mortgage programs are available for borrowers:

    • VA loans are designed to help military members and veterans, as well as their families.
    • USDA loans provide help to those buying within certain rural or suburban areas.
    • FHA loans help borrowers with low credit scores.

    How 10-year mortgages work

    A fixed-rate mortgage benefits from the same rate even if markets fluctuate. That means that for the entire span of a decade, your mortgage payment will stay the same, and it will not be affected by any volatility in housing and financial markets. Not only will your rate not change, but your entire mortgage loan will last a set term of ten years. A fixed-rate offers far more stability and security for borrowers than a variable-rate APR, which is subject to constant change and could mean a different payment every month. If you are someone who takes comfort in knowing exactly what you have to pay every month, a fixed-rate 10-year mortgage is likely the best fit for you.

    [Read: Refinance Your Fixed-Rate to ARM Mortgage]

    Historical 10-year mortgage rates

    2020 was headed for a positive year before COVID-19 swept across the country, causing the federal government to slash interest rates in response. While interest rates are lower than they were last year or even at the beginning of this year, markets have seen some improvement as summer slowly returns to town.

    “Mortgage interest rates are closely correlated with the 10-year Treasury yield, which has stayed below 1% for much of the last month,” Bill Banfield of Rocket Mortgage tells

    However, with some experts predicting a second wave of coronavirus by fall 2020, the U.S. economy could be severely impacted again, and it could stall any burgeoning growth within the markets. This could mean even more attractive interest rates for borrowers throughout the rest of the year until the economy is able to recover from COVID-19 once more.

    When to refinance a 10-year mortgage

    There are many benefits to a 10-year mortgage that can make it the right choice for you. Low interest rates are what initially capture the attention and for good reason – it’s a tempting prospect to be mortgage-free in 10 years rather than thirty.

    However, it is not always so easy to qualify, since banks tend to request higher credit scores. You will also face a much larger monthly payment since you are paying off your loan in a fraction of the time of other loans. One ideal scenario of when to refinance a 10-year mortgage is when you have just a small balance left on your mortgage, and you want to refinance. The lower loan amount is far more manageable to handle in a truncated timeframe, and you can also benefit from any lower interest rates that may be available.

    [Read: This Is the Best Time in 50 Years to Refinance a Mortgage]

    30-year vs. 10-year mortgage

    When you are shopping for a mortgage, you will likely find yourself debating the merits of a 30-year mortgage versus a 10-year mortgage. Just like any loan, you will find pros and cons of both.

    A 30-year mortgage may be tempting at first because of the lower monthly payments, but you will also be committed to paying quite a bit of interest for a very long time. On the other hand, a 10-year mortgage carries higher monthly payments to make up for the shorter timeframe, and you won’t enjoy the same flexibility with your payments that you would with a longer loan.

    Pros and cons of a 10-year mortgage

    • Less interest paid
    • Lower interest rates
    • Pay off your loan faster
    • Great for refinancing
    • Good for those nearing retirement
    • Much higher monthly payments
    • Smaller-sized loans available
    • Greater pressure on your budget
    • May affect other financing opportunities

    How to choose the best 10-year mortgage for you

    1. Determine what you can afford. Use a financial calculator to determine how much you can afford. Pull your credit report to see where you stand. The better your credit score, the more likely that you will be approved.
    2. Do your research. Confirm that a 10-year loan is a better fit for you than other types of mortgages. A 30-year mortgage may feel like a long time, but the lower payments could be more affordable for your budget.
    3. Choose your loan type. Your long-term plans for your home will ultimately help you determine which kind of loan is right for you. If you intend to live in your home for a long time, a 30-year loan may be the right fit, but if there is merely a stopping point on the way to another home in the future, you will likely want to explore a much shorter loan term, such as a 10-year loan.
    4. Consider special options for your loan. There are other kinds of loans that are available to certain borrowers who meet specific criteria. These loans can offer significant savings or support that you otherwise may not find among more mainstream options, such as these.
    5. Shop lenders. No two lenders are the same, so it is important to fully shop your options to find the lender that works best for your needs. Many lenders allow you to check rates without impacting your credit score, but be careful to check before you end up in multiple marks on your credit report.

    [Related: How to Get a Preapproved Mortgage]

    10-year mortgage FAQs

    When you are nearing the end of your mortgage or are preparing for retirement, you could be a great candidate for a 10-year mortgage. You will need a higher income to handle the increased payments, but you will benefit from a significantly lower interest rate and far less interest paid over the total life of the loan.

    Every lender has separate requirements for a 10-year fixed mortgage. For example, while Rocket Mortgage requires a low 500 for its loans, SoFi works with borrowers that have scores of 680 and higher. Be sure to check your FICO score, so you know ahead of time whether a lender may work for you.

    There are a few documents that you will need to furnish in order to apply for your 10-year fixed mortgage. Lenders will need to see proof of income to include your employment details and any assets that you may have. You will also need to report any outstanding debt so the lender can make a fair assessment of your financial standing.

    A prequalification is based on information that you provide to the lender for a quote, but it only uses the information that you provide without doing any hard checks. This means that the lender is performing a “soft check” or a “soft pull” on your credit. A preapproval, on the other hand, is when the lender pulls your credit report, resulting in an inquiry on your credit report.

    We welcome your feedback on this article and would love to hear about your experience with the mortgages we recommend. Contact us at with comments or questions.



    We’ve created the SimpleScore to help you objectively compare products and services here at The Simple Dollar.

    Our editorial team:

    • Identifies five factors to compare across each brand
    • Determines the rating criteria for each factor
    • Calculate an average of those five factor scores to get one SimpleScore

    We break down each of these five factors and their rating criteria for our review of the best mortgage companies.

    Why do some brands have different SimpleScores on different pages?

    Some brands like Bank of America, Wells Fargo, and Chase have different SimpleScores because they offer more than one financial solution — like home loans, auto loans, personal loans and more.

    For instance, in our Bank of America Mortgage Review, we give the company a 3.8 out 5 based on our five rating factors for mortgages. In our Bank of America Auto Loans Review, we give the company a 4.4 out of 5 based on our rating factors for auto loans. By tailoring our SimpleScore to each financial solution, we’re able to give you a more accurate view of a brand’s services and how it compares to competitors’ services.


    Mortgage lending companies that provide more perks receive a higher score from us.

    Hard/Soft credit checks

    We know that credit checks affect your score –– that’s why we favor companies that offer soft credit checks or hard credit checks when you want to see your pre-approval rates.

    Customer satisfaction

    We use the J.D. Power 2019 Mortgage Origination Satisfaction Study℠ to find out how customers rate their experience with each company. (If a company is not included in J.D. Power’s study, we skip this rating factor and average the remaining factor scores.)

    Product variety

    Mortgage lenders that offer more products for their home loans are given higher scores.


    Fees can add up fast. Companies that don’t require as many fees for your home loan receive a higher score with us.

    Lena Borrelli

    Contributing Writer

    Lena Borrelli is a Tampa-based freelance writer who has worked with leading industry titans, such as Morgan Stanley, Wells Fargo, and Simon Corporation. Her work has most recently been published on sites like TIME, ADT, Fiscal Tiger, Bankrate and Home Advisor, as well as many other websites and blogs around the world.