Research 10 Year Fixed Mortgage Rates

Nice suburban homeIf you are looking for the security of a fixed rate mortgage and are planning on paying off your loan quickly, then a 10 year mortgage might be the right program for you. 10 Year fixed rate loans tend to be the lowest of all fixed rate products (you can check current 10 year rates here). You may also save a tremendous amount of interest over the life of the loan due to the shortened duration of the mortgage and rapid pay down of principal. If you can afford the payments, then we say ”go for it”. Let’s take a look at some of the numbers:
Family outside of their home. Buying a home with a 10 year fixed rate mortgage.

Sample loan comparison between a 15 year fixed and a 10 year mortgage:

For Example:

15 Year Fixed
$100,000 Loan Amount
Note Rate: 5.50%
Monthly Principal & Interest Payment: $817.08
Total Interest Paid Over the Life of the Loan: $47,075.02

10 Year Fixed
$100,000 Loan Amount
Note Rate: 5.375%
Monthly Principal & Interest Payment: $1,079.33
Total Interest Paid Over the Life of the Loan: $29,519.16

Total Interest Saved with ten year mortgage: $17,555.68

As you can see, you could save a considerable amount of money by simply shortening the length of the loan five years. Note this is just a rough comparison and only takes into about the note rate. Be sure to review APR when considering a provider.

You can use the rate tables on ForTheBestRate.com to research ten year mortgage pricing from multiple mortgage lenders, brokers, and banks serving your state. You’ll find 10 yr pricing information by selecting the related program under the product selection tool in the rate table survey on ForTheBestRate.com.

Request rate and program information (2 options):

  • Use ForTheBestRate.com to call the various lenders and brokers listed in the survey.
  • Research current ten year pricing by clicking over to the lenders’ and brokers’ web sites.