Compare Current 10-Year Mortgage Rates

Current Mortgage Rate Trends

Rates on 10-year mortgages are generally a fair bit lower than 15- and 30-year mortgages because they pose less long-term risk to lenders.

Mortgage rates are largely influenced by the yield on the 10-year Treasury note, which responds to factors like inflation, job growth and investor sentiment about future Federal Reserve decisions. When investors worry about long-term economic stability, they often demand higher bond yields, which pushes mortgage rates higher as a result.

Refer to the table below for current interest rates on some of the most common mortgage loans. Annual percentage rate (APR) includes the interest rate plus any fees or additional costs the lender charges.

^*Source: Curinos LLC, July 2025; assumes a 720 FICO^® Score^Θ, $350,000 mortgage
^**Source: Optimal Blue via FRED, July 2025
Notes: Rates can vary by data source; monthly payment calculation uses APR and assumes a $350,000 mortgage and 20% down

Mortgage Rate Trends for the Last 5 Years

During the COVID-19 pandemic, mortgage rates fell to record lows as the Federal Reserve slashed interest rates to boost economic activity. However, in 2022, mortgage rates began climbing quickly as the Fed aggressively raised the federal funds rate to curb inflation.

By late 2023, mortgage rates peaked, including those for 10-year loans. Since then, rates have remained elevated but relatively steady, reflecting persistent economic uncertainty and the Fed's cautious approach to monetary policy.

See how rates for 30-year mortgage loans have trended here:

30-Year Mortgage Rate Trends 2020 to 2025

What Affects 10-Year Mortgage Rates?

As previously mentioned, 10-year mortgage loans tend to have lower interest rates compared to loans with longer repayment terms. However, as a short-term mortgage, a 10-year loan generally carries much higher payments compared to, say, a 30-year loan.

In addition to lender risk and economic conditions, here are some factors that may influence the interest rate you qualify for on a 10-year home loan:

• Credit score: Higher credit scores signal less risk to lenders and typically result in better rates.
• Debt-to-income ratio: Your debt-to-income ratio (DTI) measures how much of your income goes toward debt payments. Lower DTIs suggest you can comfortably manage your mortgage, reducing potential default risk.
• Loan amount: Borrowing more money increases the lender's risk, potentially leading to a higher rate.
• Down payment: A larger down payment lowers your loan-to-value ratio and reduces the lender's risk, which can earn you a more favorable rate.
• Loan type: You can't get a 10-year government-backed loan. However, you may be able to choose between a conventional fixed-rate loan and an adjustable-rate mortgage—the latter may offer a lower rate during the initial fixed period.

Learn more: How Does Mortgage Interest Work?

10-Year Mortgage Requirements

Because 10-year loans come with higher monthly payments, qualifying can be slightly more challenging than with longer-term loans. Still, the base requirements are similar to other conventional loans:

• Credit score: Most lenders require a score of at least 620, but minimums can vary by lender.
• Debt-to-income ratio: Aim for a DTI of 43% or lower. Some lenders allow up to 50% with compensating factors.
• Income: Lenders typically want to see two years of stable employment and income.
• Down payment: Conventional loans usually require 3% to 5% down, depending on the loan program and your first-time homebuyer status.

Pros and Cons of a 10-Year Mortgage

Any mortgage can be a significant financial commitment, but it's particularly important to carefully weigh the advantages and disadvantages of a short-term home loan before you apply. Here's what to consider.

How to Get the Best 10-Year Mortgage Rate

While you can't control the market or lender policies, you can take steps to improve your odds of securing the lowest possible rate:

• Improve your credit score. Pay off debts, make payments on time and correct any errors on your credit report to help boost your score.
• Compare multiple lenders. Rates can vary widely, so it pays to shop around. It's best to get quotes from at least three to five lenders.
• Make a larger down payment. Reducing your loan-to-value (LTV) ratio can help you qualify for a better rate. It'll also reduce your monthly payment, which can be crucial for a short-term mortgage loan.
• Lower your DTI. Pay down other debts to show lenders you have room in your budget to take on such a large payment.
• Demonstrate stable income. A steady job and consistent earnings can help you qualify for better terms.
• Consider paying points. If you can afford to pay extra cash upfront, you can buy down your rate with mortgage points.

Alternatives to a 10-Year Mortgage

If a 10-year mortgage isn't quite the right fit, here are some options to consider:

• 15-year mortgage: This option still offers interest savings compared to a 30-year loan, with slightly more manageable monthly payments than a 10-year loan. It's a popular choice for buyers seeking a balance between affordability and faster payoff.
• 20-year mortgage: A 20-year loan provides lower payments than a 15-year loan but pays off the home faster than a 30-year term. It's a middle-ground option for borrowers focused on interest savings and monthly budget.
• 30-year mortgage: The standard mortgage loan offers the lowest monthly payments and the most budget flexibility. However, it costs more in interest over the long run. Ideal for buyers who prioritize affordability.
• Adjustable-rate mortgage: An ARM starts with a low fixed rate for a set period, and then adjusts based on the market after that. It can be good for borrowers planning to move or refinance before the rate changes.

The Bottom Line

A 10-year mortgage can be a smart way to save on interest and own your home faster, but it's not for everyone. The higher monthly payments may stretch your budget, and DTI qualification standards can be tougher.

Before you apply, it's a good idea to check your credit and take steps to strengthen your financial profile. Experian's free credit monitoring tool can help you track your FICO^® Score and watch for changes on your Experian credit report so you can move forward with confidence and secure the best rate possible.