Compare 10-Year Refinance Rates Today

Weekly national mortgage interest rate trends

Current refinance rates

	10 year fixed refinance	6.10%
	15 year fixed refinance	6.21%
	30 year fixed refinance	6.92%

Current 10-year refinance rates

The table below uses a comprehensive national survey of mortgage lenders to determine the average rate for some of the most popular refinance terms. Rates change all the time, so this interest rate table is updated daily.

Product	Interest Rate	APR
10-Year Fixed	6.27%	6.35%
15-Year Fixed	6.26%	6.34%
20-Year Fixed	6.74%	6.79%
30-Year Fixed	6.94%	6.99%

Product	Interest Rate	APR
10-Year Fixed	6.29%	6.37%
15-Year Fixed	6.28%	6.35%
20-Year Fixed	6.76%	6.81%
30-Year Fixed	6.95%	7.00%

Rates as of Saturday, February 22, 2025 at 6:30 AM

Bankrate displays two sets of rate averages produced from two surveys: one daily (“overnight averages”) and one weekly (“Bankrate Monitor averages”).
- Overnight averages: We calculate daily overnight rate averages on various products from several financial institutions. We collect these APRs after close of business, and they reflect the previous day’s pricing based on a borrower with a 740 FICO credit score and an 80 percent loan-to-value (LTV) ratio buying an existing, single-family primary residence.
- Bankrate Monitor (BRM) rate averages: On a weekly basis, we also collect APRs from the 10 largest banks and thrifts in 10 of the biggest U.S. markets. For these averages, we assume a borrower with a 700 FICO credit score (740 if a non-conforming loan) and an 80 percent loan-to-value (LTV) ratio, among other criteria.
The overnight and Bankrate Monitor averages are based on no existing relationship or automatic payments. Learn more about our rate averages, editorial guidelines and how we make money.

10-year refinance vs other popular mortgage types

A 10-year refinance isn’t your only option for a new mortgage. These are other common terms that homeowners use to refinance their home loans:

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 you’ll 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.

How to refinance into a 10-year loan

Set a clear financial goal:

You should have a good reason for refinancing. Figure out if you’re aiming to reduce your monthly payment, save on your overall interest charges or tap into equity to pursue other financial goals. Keep in mind that 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.
Check your credit score and history:

Refinancing isn’t a guarantee – you’ll need to qualify for the loan just as you did for your original mortgage. The higher your credit score, the better refinance rates lenders will offer you — and the better your chances of underwriters approving your loan. While there are ways to refinance your mortgage with bad credit, if yours is borderline, spend a few months boosting it, if you can, before you start the process.
Determine how much home equity you have:

Your home equity is the total value of your home minus what you owe on your mortgage. You may be able to refinance a conventional loan with as little as a 5 percent equity stake, but you’ll get better rates and pay fewer fees — and you won’t have to pay for private mortgage insurance or PMI — if you have at least 20 percent equity. This isn’t just about how much of your principal you’ve paid. Get a sense of how much your home is worth to see if price appreciation has impacted your stake in the property.
Shop multiple lenders:

Getting quotes from at least three mortgage lenders can save you a ton of money. Bankrate’s refinance rate table lets you comparison-shop loans to help you find the best fit. It’s not just the rate, though; pay close attention to the closing costs and fees to figure out how much you’re going to have to pay upfront.
Get your paperwork in order:

Gather recent mortgage statements, pay stubs, federal tax returns, bank and brokerage statements and anything else your mortgage lender requests. Your lender will also look at your credit and net worth, so disclose all your assets and liabilities right away. Having all your documents ready before starting the refinancing process can make it go more smoothly and often more quickly.
Prepare for your home appraisal:

Mortgage lenders typically require a home appraisal, similar to the one done when you bought your house, to determine its current market value.
Come to closing with cash if needed:

The closing disclosure, as well as the loan estimate, will show how much you’ll pay in closing costs. Unless you’re planning to roll your closing costs into the new loan, you’ll be responsible for this amount of closing. You may need to pay 3 to 5 percent of your total loan at closing, although refinancing closing costs are typically cheaper than those for a home purchase.
Keep tabs on your loan:

Store copies of your closing paperwork in a safe location and set up automatic payments to make sure you stay current on your refinanced mortgage.

Learn more: Guide to refinancing your mortgage

Pros and cons of refinancing into a 10-year mortgage

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:

Pros of a 10-year refinance

Relatively lower interest rates
Shorter repayment term and faster payoff
Less interest paid overall

Cons of a 10-year refinance

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

FAQ about a 10-year refinance

A 10-year fixed refinance is shorthand for a mortgage loan with a term of 10 years and a fixed interest rate. Refinancing into this sort of mortgage is a way to drastically reduce the amount of interest you pay over the life of a loan by compressing the amortization schedule. With a 30-year loan, you pay mostly interest in the early years of the mortgage. With a 10-year loan, by contrast, you quickly begin paying off principal.
Rates for all types of fixed-rate mortgages generally move along with the U.S. government’s rates for 10-year Treasury bonds. Lenders then adjust for risk: Since they perceive a 30-year loan as riskier than a shorter-term mortgage, 30-year loans generally have higher rates. But it’s not all up to macroeconomic factors: Lenders ultimately get to price their loans, so rates can look quite different depending on where you’re shopping.
A 10-year mortgage comes at the price of a higher monthly payment – longer loan terms have lower monthly payments. Depending on what term you refinance to, you might still save money. With a 15-year fixed-rate mortgage refinance, for example, your monthly payments would be lower than they would be with a 10-year loan, and the shorter term can still save you money on interest compared to a 30-year refinance. A 30-year mortgage would give you the lowest possible monthly payment, but also cost more overall.

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.

Compare current 10-year refinance rates

Weekly national mortgage interest rate trends

Current 10-year refinance rates

How Bankrate mortgage rates are calculated

10-year refinance vs other popular mortgage types

How to refinance into a 10-year loan

Set a clear financial goal:

Check your credit score and history:

Determine how much home equity you have:

Shop multiple lenders:

Get your paperwork in order:

Prepare for your home appraisal:

Come to closing with cash if needed:

Keep tabs on your loan:

Pros and cons of refinancing into a 10-year mortgage

Pros of a 10-year refinance

Cons of a 10-year refinance

FAQ about a 10-year refinance

What is a 10-year fixed refinance?

How are 10-year refinance rates set?

How does a 10-year refinance compare to other loan terms?

Additional refinance resources

Meet our Bankrate experts

Mortgage rates in other states