Compare current 10-year mortgage rates

Current 10-year mortgage interest rates

As of Saturday, December 21, 2024, current 10-year mortgage rates are 6.08.

Ten-year mortgage rates follow prevailing interest rates, which rose steadily from 2022 to peak in the fall of 2023. Nearing the start of 2024, rates fell, dropping to 6.03 percent on New Year’s Eve. Since then, rates have fluctuated, staying between 6.1 percent and 6.7 percent.

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

10-year mortgage vs. other loan terms

Generally, the shorter the loan term, the lower the interest rate. With 15- and 30-year mortgages, you’ll usually be charged a higher interest rate than you’d pay with a 10-year. Because of the longer loan term, you’ll be paying it for longer, too. Bottom line: You’ll pay more in interest overall the more years you’re repaying the loan.

The below examples show the monthly payments, total interest and total cost on a $380,000 purchase mortgage across different loan terms:

Should you get a 10-year mortgage? 

If you’re considering getting a 10-year mortgage, there are some key questions you should ask yourself first:

• Can you afford the monthly payment?
• Do you want to pay off your mortgage faster, or would you prefer more financial flexibility?
• Are there other investments where you’d rather put your money than your house?

After you’ve answered these questions, carefully weigh the pros and cons of a 10-year mortgage.

Pros of a 10-year mortgage

• Own your home outright much sooner than you would with a longer loan term
• Spend most of your monthly payment on paying down the principal rather than paying interest
• Obtain a lower rate and save significantly on interest over the life of the loan

Cons of a 10-year mortgage

• Could limit your ability to buy a more expensive home
• Greater risk of struggling to make payments in the event of a job loss or decrease in income
• Higher monthly payments may deplete funds available for other financial goals such as retirement savings

How to get the best 10-year mortgage rate

• Step 1: Strengthen your credit score - Before you start looking for a 10-year mortgage, give your finances a checkup, and improve your credit score if needed.
• Step 2: Determine your budget - Ten-year mortgages can have a high monthly payment. You’ll need a good handle on how much house you can afford.
• Step 3: Know your mortgage options - Before deciding on a 10-year mortgage, research different types of mortgages to make an informed decision.
• Step 4: Compare rates and terms from several lenders - Rate-shop with at least three different banks or mortgage companies.
• Step 5: Read lender reviews: Find out what people have to say about a lender before choosing it.
• Step 6: Get preapproved for a mortgage - Getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation.

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: Laurie Dupnock, Editor, Home Lending

I’ve spent five years in writing and editing roles, and I now focus on mortgage, mortgage relief, homebuying and mortgage refinancing topics. I’m most interested in providing resources for aspiring first-time homeowners to help demystify the homebuying process. In 2021, I earned a Poynter ACES Certificate in Editing. I have an MA in English. 

Read more from Laurie Dupnock