Compare current 10-year refinance rates

Current 10-year refinance rates

The table below brings together a comprehensive national survey of mortgage lenders to help you know what are the most competitive refinance rates. This interest rate table is updated daily to give you the most current rate when choosing a refinance home loan.

Refinancing to a 10-year loan might be worth it if you’ve already paid off a considerable portion of your mortgage or want to aggressively pay down your loan — even more so if you can get a lower rate. Although rates differ from lender to lender, 10-year refinance rates are generally lower than the rates on other terms, like 15- or 30-year mortgages.

When thinking about refinancing to a 10-year mortgage, consider these pros and cons:

How to refinance into a 10-year loan

1. Check your finances: Refinancing to a 10-year mortgage — especially if you currently have a 30-year loan — could result in a much higher monthly payment. Use our mortgage refinance calculator to estimate your new monthly payment.
2. Shop multiple lenders: Our refinance rate table allows you to comparison-shop loans and find the best fit for your needs.
3. Get your paperwork in order: Organize all of your documents, including current mortgage statements. This’ll help make the refinance process easier and faster when you’re ready to apply.
4. Apply: This step involves completing paperwork and underwriting and getting a home appraisal.
5. Close the loan: Unless you’re rolling the refinance fees into the new loan, you’ll need to pay these on closing day. Refinance closing costs are typically cheaper than the closing costs for a home purchase, but vary by location, loan size and other factors.

Here’s how a 10-year fixed-rate mortgage stacks up against other popular mortgage types:

• 10-year vs. 15-year refinance: A 10-year mortgage pays back the same loan amount five years faster than a 15-year mortgage. This means you’ll have a higher monthly payment, but pay less interest in total.
• 10-year vs. 30-year refinance: Because a 10-year mortgage pays the loan off three times as fast as a 30-year mortgage, the monthly payment is much larger. Still, you’ll pay less interest and have a lower interest rate with the 10-year loan.
• 10-year fixed vs. 10/1 ARM refinance: A 10/1 ARM is a 30-year adjustable-rate mortgage that offers a low, fixed interest rate for the first 10 years, with the rate adjusting annually for the remaining 20 years of the loan. With a 10-year fixed-rate mortgage, you’ll pay off the loan in 10 years with the same interest rate throughout the term.

Additional refinance resources

• How does refinancing work?: Learn the ins and outs of the refinance process.
• How much does it cost to refinance?: Learn what costs to expect when refinancing.
• Should you refinance to a 15-year mortgage?: Going from a 30-year to a 15-year might be easier than refinancing to a 10-year loan.

Meet our Bankrate experts

Written by: Jeff Ostrowski, Principal Reporter, Mortgages

I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.

Read more from Jeff Ostrowski

Edited by: Suzanne De Vita, Senior Editor, Home Lending

I’ve covered the housing market, mortgages and real estate for the past 12 years. At Bankrate, my areas of focus include first-time homebuyers and mortgage rate trends, and I’m especially interested in the housing needs of baby boomers. In the past, I’ve reported on market indicators like home sales and supply, as well as the real estate brokerage business. My work has been recognized by the National Association of Real Estate Editors.

Read more from Suzanne De Vita