10-Year Mortgage Rates 2024

For people interested in refinancing or purchasing a new home, you can get a 10-year mortgage. This type of mortgage helps you save money in the long run, especially if you can afford the high monthly payment. For example, if you feel that mortgage rates will increase in the next five years, a good and helpful strategy is to lock in today’s rate. But you may be wondering how I got started. In this article, we will provide comprehensive details on what a 10-year mortgage rate is about and how to get the best rates.

10-Year Mortgage Rates

What is a 10-Year Mortgage?

10-year mortgages are home loans that allow you to pay back your lender over just 10 years. Unlike a 30-year mortgage, this one is short, and you can save more on the interest payments. Additionally, a 10-year mortgage helps you build equity very fast.

Today’s 10-Year Mortgage Rates on Purchase

30-year fixed-rate7.11%7.12%
30-year fixed-rate FHA6.05%6.95%
30-year fixed-rate VA6.19%6.30%
30-year fixed-rate Jumbo7.16%7.17%
20-year fixed-rate7.01%7.03%
15-year fixed-rate6.46%6.49%
15-year fixed-rate Jumbo6.53%6.54%
5/1 ARM6.41%7.66%
5/1 ARM Jumbo6.27%7.54%
7/1 ARM6.55%7.72%
7/1 ARM Jumbo6.52%7.57%
10/1 ARM7.05%7.74%
10-year fixed-rate6.25%6.27%

Current Mortgage Rates on Refinance

30-year fixed-rate refinance7.29%7.30%
30-year fixed-rate FHA refinance6.11%7.03%
30-year fixed-rate VA refinance6.18%6.37%
30-year fixed-rate jumbo refinance7.37%7.37%
20-year fixed-rate refinance6.98%7.01%
15-year fixed-rate refinance6.45%6.47%
15-year fixed-rate jumbo refinance6.49%6.50%
5/1 ARM6.29%7.46%
5/1 ARM jumbo refinance6.32%7.33%
7/1 ARM6.41%7.58%
7/1 ARM jumbo refinance6.42%7.54%
10/1 ARM7.06%7.73%

Pros and Cons of a 10-Year Mortgage

There is a saying that goes thus: everything that has an advantage has disadvantages, and a 10-year mortgage is not an exception. Below are some of the pros and cons of getting a 10-year mortgage from any lender:


  • Build equity.
  • Lower interest rates.
  • Shorter repayment span.
  • You get to own your home.


  • It is hard to find.
  • Higher monthly payments.
  • Rigid requirements.
  • Greater risk of making payments.
  • The ability to purchase a more expensive home could be limited.
  • Reduced savings.
  • Be prepared for tax deductions.
  • High DTI fees.

Should I Get one?

When people begin to look at the risks involved in getting a 10-year mortgage, they begin to question whether or not they should get one. However, you must note that this is an amazing option for remortgaging or recapitalizing your home purchase.

Although it is not an affordable option, it will be a good idea if you meet the following conditions:

  • If you would like to pay off your loan quickly.
  • Build your equity faster.
  • If you can afford the larger payments involved.
  • If you want to pay less interest over the lifespan of the loan.

For better understanding and error-free research, you can make use of a mortgage calculator to find out what your monthly payment will be.

Requirements to Qualify

It is without a doubt that mortgages have different eligibility criteria. Generally, here are the requirements that you need to meet to be approved:

  • Down payment.
  • Income.
  • Credit score.

And lastly, other financial documents like pay stubs and tax returns. So, all of these factors will be used to determine whether the mortgage will be approved for you or not.

How to Get the Best 10-Year Mortgage Rates

No matter what type of mortgage you want to get, you should note that you must compare different loan offers from various lenders first. This is a very important tip, and I advise you to adhere to it. Even though it may be time-consuming, it is worth it in the end.

Besides, you get to find out the fees and rates together and can even negotiate for the lowest interest rate. Before doing this, you also have to make sure that the requirements for the application are ready and are in the best shape. In addition to this, you can take the important and required steps to improve your credit score before you apply.

Alternatives to a 10-Year Mortgage

If a 10-year mortgage seems like a pain in the neck, there is nothing to get worked up about. Besides, it is understandable if you are looking for something within your budget or cannot comfortably pay the high monthly payments. Here are some alternatives that you can try out:

  • Government-backed loan.
  • 15-year mortgage.
  • 30-year mortgage.
  • Refinance.
  • ARM (adjustable-rate mortgage).
  • Additional payments.
  • 10/1 adjustable-rate mortgage.
  • Lifetime fixed-rate mortgage.

And there you have it. You can consider a 10-year mortgage or these alternatives, depending on what you can afford.