10-Year Mortgage Refinance Rates

With interest rates at record lows right now, many homeowners are looking into mortgage refinancing to save some money. A mortgage refinance could shave thousands off your loan, but just because interest rates are low doesn’t mean you should rush into a refinance without weighing all the pros and cons first. The last thing you want is to be celebrating your low interest rates while struggling to keep on top of high monthly payments or closing costs.

You need to go into any refinancing journey with a full picture of what your new loan would look like, including information on the lenders you may want to consider. To determine the best 10-year mortgage rates for refinancing in 2020, we compared several lenders’ interest rates, loan terms, fees and more using our SimpleScore methodology.

In this article

    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 Refinance Rate3.150%3.300%
    30-Year FHA Refinance Rate2.840%3.710%
    30-Year VA Refinance Rate2.770%2.980%
    30-Year Jumbo Refinance Rate3.160%3.230%
    20-Year Fixed Refinance Rate3.040%3.190%
    15-Year Fixed Refinance Rate2.410%2.610%
    15-Year Jumbo Refinance Rate2.410%2.470%
    10/1 ARM Refinance Rate3.160%4.040%
    5/1 ARM Refinance Rate3.290%3.980%
    5/1 ARM Jumbo Refinance Rate3.380%3.870%
    7/1 ARM Refinance Rate3.210%3.840%
    7/1 ARM Refinance Jumbo Rate3.340%3.770%

    Rates data as of 6/10/2021

    The 5 best 10-year mortgage refinance companies

    10-year mortgage refinance companies at a glance

    LenderRates (APR)Min. Credit Score
    LoanDepotNot Listed620
    U.S. BankVaries620
    Third Federal2.39% (2.580%)Not Listed
    BBVA1.88% (2.39%)620

    Best for Fast Service – Loan Depot

    LoanDepot offers a modern and fast solution to refinancing your mortgage but the lack of information offered on its 10-year fixed-rates could be an issue.

    J.D. Power Rating
    Min. Credit
    Min. Down Payment
    4 / 5.0
    SimpleScore Loan Depot 4
    Perks 3
    Credit Impact 5
    Customer Satisfaction 3
    Product Variety 5
    Fees 4

    LoanDepot is a relatively modern mortgage provider with over 150 branches across the nation. With an impressive range of mortgage products and a helpful online mortgage process, this lender is ideal for those homeowners looking for fast solutions. However, LoanDepot is not transparent about its fees or interest rates so this could put some people off.

    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 No-Cost Refinance – U.S. Bank

    U.S. Bank offers a great way to save some cash when you take out a Smart Refinance application.

    J.D. Power Rating
    Min. Credit
    Min. Down Payment
    4 / 5.0
    SimpleScore U.S. Bank 4
    Perks 4
    Credit Impact 4
    Customer Satisfaction 3
    Product Variety 5
    Fees 4

    U.S. Bank is a well-respected lender that offers a wide range of loans and financial management options for customers. U.S. Bank offers a range of mortgage options, from cash-out refinances to fixed or ARM rates, FHA, VA and jumbo mortgages. For those looking to save money on closing costs, U.S. Bank provides no-cost refinancing options.

    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 No Fees – Third Federal Savings & Loan

    Third Federal is a solid option for those looking to save on application and closing costs.

    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

    Third Federal’s refinancing options are appealing because of the lack of application or prepayment fees. You may even qualify for its Community Support Lending program, which has zero closing costs and APRs that hover at about 2% lower than regular rates. Even if you don’t qualify for this program, the closing costs are a fixed $295 for Smart ARM loans or the 10-year fixed-rate refinance option. The rates on 10-year fixed-rate loans start at 2.580% APR right now, which is incredibly low.

    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 Online Applications – BBVA

    A bank with modern solutions, BBVA provides a great customer experience — especially for those borrowers who want the convenience of online applications but don’t want to sacrifice in-person service.

    3.8 / 5.0
    SimpleScore BBVA 3.8
    Max APR 4
    Max Loan Amount 4
    Customer Satisfaction N/A
    Product Variety 5
    Fees 2

    BBVA stands out with its website and mobile app, making it ideal for those who want a lender with modern solutions and approaches. BBVA offers a wide variety of mortgage options, whether you want fixed-rate, adjustable-rate, Jumbo loans or home equity loans. BBVA’s mortgage refinance calculator is a very useful tool to see if you would be better off with a 10-year refinance or by sticking with your current agreement. The rates with this lender hover around 2.39% APR right now for a 10-year fixed-rate loan, making this lender’s rates some of the lowest on the list.

    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 refinance?

    A 10-year mortgage refinance is an option for those who wish to shorten their mortgage terms and pay their loans off faster. Many people opt for a 30-year mortgage when first buying their homes, but after a few years, refinancing may be a great way to chip away at your loan faster.

    A mortgage refinance is a new loan agreement which means there will be a new interest rate, different monthly payments and new closing costs to cover. Whether refinancing to a 10-year mortgage is the right choice depends on many different factors and personal circumstances.

    How 10-year mortgage refinances work? 

    Refinancing a mortgage follows a similar process as applying for a mortgage in the first place. You will need to do plenty of research and shop around for the best rates and loan terms. Any rates should be compared to your current rate and monthly costs to determine whether you would be better off with a refinance.

    You also need to make sure that you can afford this type of loan, because while you may get a lower rate for a 10-year loan, you’ll have to swing expensive monthly payments. You’re shortening the time in which you’ll be paying off your loan, so make sure you can actually afford to make your mortgage payments before starting the process.

    Once you are happy with the rates from a lender and certain you can afford this type of refinance, you will need to apply and submit all the necessary paperwork for approval. Once you are accepted, you will have to pay closing costs on the loan, so this is important to bear in mind while weighing up the costs.

    New mortgage terms

    When refinancing your home, you will be taking out a loan with completely different mortgage terms. Interest rates, loan terms and other fees could look very different from your current agreement.

    As mentioned, with a 10-year refinance, you will have to make larger monthly payments as it’s a shorter loan term, so you will need to work out if you can afford this. The lender you apply with will want to see evidence that you can make these monthly repayments, particularly if they are substantially greater than your current payments.

    10-year refinance vs. other mortgage refinance

    Homebuyers have several choices when it comes to refinancing a home. You could opt for another 30-year loan term, which would typically offer lower monthly payments but will cost more in interest overall.

    There’s also the option of a 15-year refinance, which will save on interest rates but will have higher monthly costs. The 10-year refinance drastically cuts the length of your mortgage down, but this comes with much higher repayments than a 30-year agreement.

    As well as fixed-rate mortgages, you can also go for adjustable-rate loans called ARMs. A 30-year 10/1 ARM has a fixed rate for the first 10 years of the loan followed by an adjustable-rate that can change every year after. There are also 3/1, 5/1, 7/1 and 10/1 ARM options.

    Pros and cons of a 10-year mortgage refinance


    • Pay off your mortgage faster 
    • Save on interest over the life of the loan
    • Lower interest rates compared to other loans


    • 10-year refinance mortgage rates have higher monthly repayments 
    • It might take a while to break even on the closing costs

    How to choose the best 10-year mortgage refinance for you 

    1. Decide on your financial goals. Are you looking to pay off your loan as fast as possible, build up equity or lower your monthly payments? These goals will determine which loan term is best for you. If you are looking for lower monthly payments, a 10-year refinance may not be the best choice for you.
    2. Work out your equity and credit score. Two things that lenders will want to know is how much equity you have in your home and what your credit score looks like. With this information, lenders will be able to give you personalized rates to compare.
    3. Shop around for the best rates. If you decide that a 10-year refinance is what you want, you will need to do some research into different lenders. Each lender will set their terms, interest rates, fees and requirements. Many lenders will only offer 30- or 15-year refinancing loans, so you will need to find a lender that offers 10-year mortgage rates as well.
    4. Find out the closing cost terms. Some lenders will allow you to add the closing costs to the loan principal, which can help make the upfront costs more manageable but will add to both your principal and interest totals. Others will want these closing costs paid upfront, so this is something you will need to factor into your lender choice.

    Mortgage refinance FAQs

    With mortgage rates this low, home buyers are wondering whether this trend will continue. Most experts predict that mortgage interest rates will continue to stay low through 2021, which gives homeowners a great opportunity to save money by refinancing. Refinancing to a better interest rate can help you save hundreds, if not thousands, on your overall loan — so it could be well worth it.

    Interest rates are low, but that doesn’t mean refinancing is the best option for everyone. As a general rule of thumb, it’s worth refinancing if you can lower your interest rate by at least half a percent. If your credit score has improved since you first took out your loan, refinancing could also help you save based on the more favorable rates lenders will offer you.

    A 15-year mortgage refinance requires you to pay the amount of your principal and interest over 15 years. A 10-year refinance requires that you pay the loan back within 10 years. This means that you will typically have higher payments with 10-year fixed-rate mortgages because you are paying the loan off faster.

    We welcome your feedback on this article and would love to hear about your experience with the lenders we recommend. Contact us at inquiries@thesimpledollar.com 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.

    Kara Copple

    Contributing writer

    Kara Copple is a writer who specializes in business, finance and marketing industries.

    Reviewed by

    • Angelica Leicht
      Angelica Leicht
      Mortgage Editor

      Angelica Leicht is an editor at The Simple Dollar who specializes in mortgages, mortgage refinancing, home equity loans, and HELOCs. She is a former contributing editor to Interest.com and PersonalLoans.org.