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Compare current 10-year refinance rates

On Thursday, March 28, 2024, the national average 10-year fixed refinance APR is 6.47%. The average 10-year fixed mortgage APR is 6.46%, according to Bankrate's ... latest survey of the nation's largest mortgage lenders.

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.

Product Interest Rate APR
10-Year Fixed 6.39% 6.47%
15-Year Fixed 6.46% 6.53%
20-Year Fixed 6.82% 6.87%
30-Year Fixed 6.92% 6.96%

Rates as of Thursday, March 28, 2024 at 6:30 AM

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:

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Pros of a 10-year refinance

  • Relatively lower interest rates
  • Shorter repayment term and faster payoff
  • Less interest paid overall
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Cons of a 10-year refinance

  • Potential for higher monthly payments, which could impact monthly budget or ability to save or invest

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.

Lender compare

Compare mortgage lenders side by side

Mortgage rates and fees can vary widely across lenders. To help you find the right one for your needs, use this tool to compare lenders based on a variety of factors. Bankrate has reviewed and partners with these lenders, and the two lenders shown first have the highest combined Bankrate Score and customer ratings. You can use the drop downs to explore beyond these lenders and find the best option for you.

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Garden State Home Loans

NMLS: 473163

State License: MB-473163

3.6

Rating: 3.6 stars out of 5
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Rating: 4.98 stars out of 5

5.0

562reviews

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Homefinity

NMLS: 2289

State License: 4965

4.5

Rating: 4.5 stars out of 5
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Recent Customer Reviews

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Rating: 4.94 stars out of 5

4.9

1062reviews

FAQ about a 10-year refinance

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