Best 10-Year Mortgage Rates for January 2023

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Once you’ve made the decision to buy a home, the process is just getting started. The next important step is determining the right type of mortgage for you.

You’ll need to figure out how much you’re willing to spend on a monthly mortgage payment. Your monthly payment depends not only on the home price, but also your mortgage rate and the length of your home loan’s repayment term. 

A long-term 30-year mortgage will have the lowest payment, but a short 10-year mortgage typically has a lower mortgage interest rate. Although you’ll pay off your mortgage much more quickly with a 10-year loan, the higher monthly payment greatly reduces how much house you can afford.

If you’re considering a 10-year mortgage, here’s what you’ll want to think about.

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Compare your payment options side-by-side to see which is right for you and your financial situation.

Find the mortgage that’s best for you by comparing the cost of multiple loans over time.

What Are Today’s 10-Year Mortgage Rates?

On Thursday, January 26, 2023 according to Bankrate’s latest survey of the nation’s largest mortgage lenders, the average 10-year mortgage rate is 5.630% with an APR of 5.660%. The average 10-year refinance rate is 5.650% with an APR of 5.690%.

Current 10-Year Mortgage Rates

ProductInterest RateAPR
30-Year Fixed Rate6.470%6.490%
30-Year FHA Rate5.830%6.740%
30-Year VA Rate5.840%6.040%
30-Year Fixed Jumbo Rate6.500%6.510%
20-Year Fixed Rate6.360%6.380%
15-Year Fixed Rate5.690%5.720%
15-Year Fixed Jumbo Rate5.740%5.760%
10-Year Fixed Rate5.650%5.690%
5/1 ARM Rate5.340%7.170%
5/1 ARM Jumbo Rate5.370%6.910%
7/1 ARM Rate5.770%7.120%
7/1 ARM Jumbo Rate6.030%6.750%
10/1 ARM Rate6.280%6.840%
ProductInterest RateAPR
30-Year Fixed Rate6.430%6.440%
30-Year FHA Rate5.790%6.690%
30-Year VA Rate5.860%5.980%
30-Year Fixed Jumbo Rate6.440%6.450%
20-Year Fixed Rate6.430%6.450%
15-Year Fixed Rate5.650%5.680%
15-Year Fixed Jumbo Rate5.720%5.740%
10-Year Fixed Rate5.630%5.660%
5/1 ARM Rate5.420%7.410%
5/1 ARM Jumbo Rate5.490%7.400%
7/1 ARM Rate5.960%6.860%
7/1 ARM Jumbo Rate6.240%6.460%
10/1 ARM Rate6.320%6.800%

Rates as of Thursday, January 26, 2023


These rate averages are based on weekday mortgage rate information provided by national lenders to, which like NextAdvisor is owned by Red Ventures. These averages provide borrowers a broad view of average rates that can inform borrowers when comparing lender offers. We feature both the interest rate and the annual percentage rate (APR), which includes additional lender fees, so you can get a better idea of the overall cost of the loan. The actual interest rate you can qualify for may be different from the average rates quoted in our rate table. But these rates are useful for giving you a benchmark to use when comparing loan offers by giving you a sense of how the type of mortgage and the length of the repayment term impacts your interest rate and APR.

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

10-Year Mortgages Vs. 15, 20, and 30-Year Mortgages 

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.

10 Years$200,0003%$1,931$31,750
15 Years$200,0003.2%$1,400$52,111
20 Years$200,0003.6%$1,170$80,878
30 Years$200,0003.7%$920$131,572

For those that want a shorter loan term than a 30-year fixed mortgage but can’t afford the high monthly payment of a 10-year mortgage, a 15-year fixed mortgage may be a good compromise. The monthly payment for a 15-year mortgage will fall between that of a 30-year mortgage and 10-year mortgage. A 15-year mortgage will also likely have a lower interest rate than a 30-year mortgage, though the exact rate you’ll get will depend on your lender and your credit profile.

10-Year Loan: Frequently Asked Questions (FAQ)

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?

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.

What’s the difference between a 10-year fixed loan and a 10/1 ARM loan?

A 10-year fixed mortgage and a 10/1 ARM may both have the number ten in the name, but they’re two very different products. With a 10-year fixed mortgage, the loan term is 10 years and the interest rate is fixed for the life of the loan. After ten years, the loan will be paid off completely. 

A 10/1 ARM, on the other hand, is a 30-year mortgage whose interest rate is fixed for the first ten years and then changes yearly based on the market rate afterwards. After the first ten years, you will still have 20 years left on your loan. However, the interest rate for the rest of those 20 years may be different from the interest rate you paid the first ten years. 

A 10-year mortgage will likely have a significantly higher monthly payment than a 10/1 ARM, because you’re paying off the loan in a much shorter period of time. A 10-year mortgage typically offers lower interest rates than a 10/1 ARM, although the exact rate you’ll get may vary depending on the lender you use, your credit score, and other financial factors.

How do I find the best mortgage?

The best mortgage for you will depend on your personal financial situation and goals. Before shopping for a mortgage, it’s important to take some time to look at your finances and determine what you need. How much of a down payment can you afford? What’s your budget for monthly payments? What kind of rates are you likely to qualify for with your credit score? All of these factors will affect what type of mortgage would best serve your needs. 

After you’ve determined what you’re looking for, you should shop around with multiple mortgage lenders to find the right fit for you. Be sure to compare rates and fees to find the best deal. It’s also important to find a loan officer whom you feel comfortable working with and who has the necessary expertise to guide you through the mortgage application and underwriting process.