10 Year Fixed Rate Mortgage

See Today's Current 10 Year Fixed Mortgage Rates

10-year Fixed

Comparing 10 year fixed mortgage rates? loanDepot has access to low fixed rate mortgage programs, and we can help make the process of refinancing or buying a home fast and easy.

What is a 10 year fixed rate mortgage?

A 10 year fixed rate mortgage is a home loan paid over 10 years in which the interest rate on the mortgage note does not change month-over-month during the life of the loan. At the end of the 10 year repayment period, the loan is fully amortized. This means that the total principal (the face value of the loan) has been paid off in full in multiple installments. For a 10 year fixed rate loan, this payoff happens gradually during the decade-long loan duration – usually through equal monthly payments.

What is the difference between a fixed rate and adjustable rate mortgage?

Fixed rate mortgage loans maintain the same interest rate and monthly payment amount throughout the entire loan term. For adjustable rate mortgages, the rate and associated monthly payment may change over time. Fixed rates are set, or "locked", on a given day during the loan origination process, based on that day's rate, the lender's recommendation, and your choice, and that is the rate that determines the amount you will pay every month after the loan funds. Adjustable rates, on the other hand, are tied to an index and may change as that index fluctuates. With a fixed interest rate, you always know what you will be paying every month for your mortgage, even 10 years after funding. With an adjustable interest rate (also known as a "variable" rate), you may end up paying more or less per month as the rate goes up or down, although there is sometimes an introductory rate period where your rate is set for a certain length of time and then begins adjusting after a certain number of months or years.

Who may benefit from a 10 year fixed rate mortgage vs. a different term?

Generally speaking, a 10 year loan term is the shortest length of time for a home loan that most lenders will offer. It is not the most common fixed rate loan for borrowers to get (that's the 30 year), but it does feature certain benefits you might find advantageous depending upon your circumstances and goals. So what kinds of borrowers may benefit from a 10 year fixed rate loan?

Borrowers Who Care About Saving Money in the Long-Term

Ten year home loans typically carry the lowest interest rates compared to other terms; however, because the payments are spread out over the shortest amount of time, your monthly payment is still likely to be higher than if you select a longer term with a lower rate. Keep in mind, though, that when it comes to paying off a mortgage, the rate and monthly payment are not the only numbers you should pay attention to.

You should also think about the total amount of interest you'll be paying during the life of the loan. When you see the monthly payment associated with the 10 year fixed rate mortgage, you may turn a little green at all the "green" you'll be shelling out monthly. But the monthly payment does not tell the complete story of potential savings. The shorter you keep your loan term, the less time there is for interest to compound on your loan. That lack of compound interest may equate to thousands of dollars in savings. The problem, of course, is that you won't be able to enjoy those savings on the front end. It's a cumulative method of saving that is not easy to see while you're still paying the loan and won't be fully realized until repayment is complete.

Another thing to consider is mortgage insurance. If you, like many homebuyers, are not able to make a 20% down payment, you'll be paying for mortgage insurance as part to your loan to mitigate risk for the lender. Typically, this insurance is less on a 10 year loan than for lengthier terms like the 30 year. This is another kind of savings that is worth considering, although it is also not as readily visible on your monthly mortgage statement.

One thing that you will see reflected on your statements is how quickly you're paying down the loan compared to other term options, which in turn means you are building equity faster. When you build equity, there is the potential later down the line to access that money with a home equity loan or cash out refinance to make home improvements, consolidate debt, or pay for large expenses. This potential may happen sooner for you than a 20 or 30 year borrower.

If you want to determine whether a 10 year loan might work for you, ask yourself a few questions as you are reviewing your loan options. Do you make enough income to comfortably afford a higher loan payment? If you were to suffer a job loss or catastrophic life event in the next 10 years, would you still be able to pay your mortgage? Do you have savings, assets or other sources of funds to cover you in case of emergency? Are you more of a Warren Buffett type when it comes to money, able to postpone gratification and find satisfaction in the future advantages of your investments? If the answer to these questions is yes, a 10 year fixed rate mortgage may be a good choice for you.

Borrowers Who Want to Get Out of Mortgage Debt Quickly

Some homeowners don't want to pay a mortgage for as long as 30 years (or in some cases, even longer). Mortgages are usually the biggest financial commitment most people will make in life. Perhaps you have a desire to be 100% debt free. Perhaps you want to pay off your home in order to devote your money to other things like financing a child's college tuition or your own retirement. Perhaps you just want the personal satisfaction of owning your home outright by the time you reach a certain age. Whatever the reason, a 10 year fixed rate mortgage will definitely help you get to your final payment quicker.

Again, the key here is whether you can afford a higher monthly payment without shouldering an undue burden. Never spend more than you can truly afford when financing a home. Foreclosure is bad for you, your lender, and the entire homeownership ecosystem. If you have a high income or a lower priced home, it may be easier for you to commit to a 10 year loan term. loanDepot can provide you with pricing and amortization schedules for all of our loan terms, so you can make an informed decision.

What is the benefit of refinancing from a longer term to a 10 year fixed?

There is a situation where a 10 year fixed rate mortgage might lower your monthly payment. If you are a homeowner who originally got a 20 or 30 year mortgage, but you only have 10 years left to pay, you may be eligible for a lower payment if the 10 year fixed mortgage rates are lower now than what you have currently. As previously stated, rates are usually lower for a 10 year mortgage, so if you've already paid down 10-20 years of your principal, it may be worth your while to ask about refinancing to a shorter term.

The big caveat here would be closing costs. Some lenders may charge hefty fees to close a refinance loan. A loanDepot licensed loan officers can advise you whether this kind of refinance may benefit you.

At a glance: pros and cons of the 10 year fixed rate mortgage


  • Always keep same rate and payment amount
  • Own home quicker
  • Get a lower interest rate
  • Build equity faster
  • Save on interest
  • Pay less mortgage insurance


  • Make higher monthly payments
  • Risk strains to your budget
  • May find savings less tangible

Why Choose loanDepot?

You get low 10 year fixed mortgage rates and fast approvals
You get a mortgage that's right for you... not us
Our strict "No Steering" policy assures that you get the right home loan
Our state-of-the-art technology makes the loan process fast and easy
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See our other fixed interest rates by loan type

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