Best 10-Year Mortgage Rates for August 2021

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What Are Today’s 10-Year Mortgage Rates?

On Tuesday, August 03, 2021 according to Bankrate’s latest survey of the nation’s largest mortgage lenders, the average 10-year mortgage rate is 2.260% with an APR of 2.500%. The average 10-year refinance rate is 2.280% with an APR of 2.490%.

Current 10-Year Mortgage Rates

ProductInterest RateAPR
30-Year Fixed Rate2.940%3.120%
30-Year FHA Rate2.570%3.460%
30-Year VA Rate2.640%2.870%
30-Year Fixed Jumbo Rate2.940%3.030%
20-Year Fixed Rate2.820%2.990%
15-Year Fixed Rate2.250%2.490%
15-Year Fixed Jumbo Rate2.240%2.320%
10-Year Fixed Rate2.280%2.490%
5/1 ARM Rate2.720%3.980%
5/1 ARM Jumbo Rate2.670%3.580%
7/1 ARM Rate3.650%3.600%
7/1 ARM Jumbo Rate3.880%3.480%
10/1 ARM Rate3.690%3.630%
ProductInterest RateAPR
30-Year Fixed Rate2.960%3.210%
30-Year FHA Rate2.550%3.440%
30-Year VA Rate2.610%2.810%
30-Year Fixed Jumbo Rate2.970%3.100%
20-Year Fixed Rate2.820%3.030%
15-Year Fixed Rate2.260%2.590%
15-Year Fixed Jumbo Rate2.250%2.340%
10-Year Fixed Rate2.260%2.500%
5/1 ARM Rate2.800%3.920%
5/1 ARM Jumbo Rate2.850%3.530%
7/1 ARM Rate3.030%3.750%
7/1 ARM Jumbo Rate3.200%3.550%
10/1 ARM Rate3.250%3.890%

Rates as of Tuesday, August 03, 2021

What Is a 10-Year Mortgage?

A 10-year mortgage is a home loan with a repayment term of 10 years. Such a short repayment term allows you to pay off your mortgage much more quickly than a 30-year mortgage and save a potentially massive amount of interest. The tradeoff is a 10-year mortgage’s monthly payment could easily double what you’d pay on a 30-year loan.

Why Choose a 10-Year Mortgage?

A 10-year mortgage is a great choice if your goal is to be completely debt free sooner and own your home outright. 10-year loans typically have lower interest rates than other mortgages, and because you’re paying the balance off sooner, you’ll pay significantly less in interest.

But it’s harder to qualify for a 10-year mortgage, and you need to be sure you can comfortably afford the larger monthly payments. So if you don’t have enough in your emergency fund to handle a loss or decrease in income, then a longer-term mortgage with lower monthly payments is a less risky option.

You can compare the cost of different mortgage terms using NextAdvisor’s mortgage calculator. Knowing what your monthly payment will be with each type of home loan can help you decide what mortgage is the best for you.

What Is a Good 10-Year Mortgage Rate?

In today’s low-rate environment, a 10-year mortgage rate offering an interest rate of 2% to 2.5% could be an exceptional deal. What you need to look out for is discount points, which is an extra fee that’s tacked onto the loan in exchange for a lower interest rate. Discount points aren’t inherently bad or good, but you should be aware of when they’re being added onto your loan. Two lenders could offer you the same rate while one is tacking on discount points and the other isn’t.

Also remember that a lender’s advertised rate isn’t necessarily the rate you will be eligible for. Everything from your credit score to the size of your down payment will affect your mortgage rate. This is why it’s important to shop around to find the best mortgage lender for you.

Pros and Cons of a 10-Year Mortgage

A 10-year mortgage is just one way to achieve your dream of owning a home. It offers some big advantages for those that can afford it, but it’s not the right move in every situation.


  • Pay off mortgage much faster
  • Lower interest rates
  • Build equity more quickly


  • Substantially higher monthly mortgage payments
  • Harder to qualify for because of the higher monthly payments
  • Less money available each month for investments or retirement savings

Comparing a 10-Year Loan Term to Other Loan Terms

The interest rates on 10-year mortgages are usually lower than the interest rate on mortgages with longer repayment schedules. The lower rate — combined with borrowing the money for a shorter amount of time — means you’ll pay the least amount of interest with a 10-year mortgage. But the monthly payment for a 10-year mortgage is noticeably higher than other repayment terms.

Loan TermLoan BalanceInterest RateMonthly PaymentTotal Interest
10 Years$200,0002.25%$1,862$23,540
15 Years$200,0002.50%$1,333$40,066
20 Years$200,0002.75%$1,084$60,266
30 Years$200,0003%$843$103,601