Current 10-Year Fixed Refinance Rates for February 2023

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If you’re on a mission to pay off your mortgage as quickly as possible, a 10-year refinance could be a perfect fit.

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Cutting your interest rate and lowering your monthly mortgage payment can add flexibility to your budget and help you achieve other financial goals, but those aren’t the only considerations. Depending on how long you’ve been paying your mortgage some experts, such as Suze Orman, caution against extending your repayment term

One way to avoid adding decades back onto your mortgage is with a short-term 10-year refinance. But a 10-year mortgage will have a much larger monthly payment than a shorter-term loan.

Here’s what to pay attention to if you’re looking into refinancing into a 10-year mortgage.

What Are Today’s 10-Year Refinance Rates?

On Thursday, February 02, 2023 according to Bankrate’s latest survey of the nation’s largest mortgage lenders, the average 10-year refinance rate is 5.720% with an APR of 5.750%.

Current 10-Year Refinance Rates

ProductInterest RateAPR
30-Year Fixed Rate6.410%6.430%
30-Year FHA Rate5.590%6.510%
30-Year VA Rate5.710%5.900%
30-Year Fixed Jumbo Rate6.420%6.430%
20-Year Fixed Rate6.390%6.410%
15-Year Fixed Rate5.700%5.730%
15-Year Fixed Jumbo Rate5.740%5.760%
10-Year Fixed Rate5.720%5.750%
5/1 ARM Rate5.350%7.150%
5/1 ARM Jumbo Rate5.370%6.900%
7/1 ARM Rate5.940%6.680%
7/1 ARM Jumbo Rate6.100%6.350%
10/1 ARM Rate6.240%6.570%
ProductInterest RateAPR
30-Year Fixed Rate6.360%6.370%
30-Year FHA Rate5.560%6.460%
30-Year VA Rate5.710%5.820%
30-Year Fixed Jumbo Rate6.350%6.370%
20-Year Fixed Rate6.350%6.370%
15-Year Fixed Rate5.660%5.680%
15-Year Fixed Jumbo Rate5.710%5.730%
10-Year Fixed Rate5.650%5.680%
5/1 ARM Rate5.430%7.390%
5/1 ARM Jumbo Rate5.500%7.380%
7/1 ARM Rate5.830%6.780%
7/1 ARM Jumbo Rate6.020%6.340%
10/1 ARM Rate6.150%6.680%

Rates as of Thursday, February 02, 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.

Compare Multiple Refinance Lenders

Whether you are looking to refinance or purchase, you can compare lender offers here using this Home Loan Comparison Calculator. You can enter in the loan amount, rate, fees, and term for each offer and see a true side-by-side comparison. 

Home loan comparison calculator

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.

10-Year Refinance Rates: Frequently Asked Questions (FAQ)

What is a 10-year fixed-rate mortgage refinance?

A 10-year mortgage refinance is a home loan that comes with a 10-year repayment term and replaces your existing mortgage. After you pay off the loan’s principal in those 10 years, you own your home outright. The interest rate on the loan is fixed, meaning it will never fluctuate.

When is the right time to refinance?

Refinancing is a great idea for those looking to lower their interest rate or decrease their monthly payments. It’s also beneficial for homeowners who want to change their adjustable-rate mortgage to a more stable fixed-rate mortgage. But any refinance offer you receive should have more favorable terms than your current mortgage, which will depend on your credit profile and what the interest rate environment is. 

When does a 10-year refinance loan makes sense?

A 10-year refinance loan makes sense if you want to pay off your mortgage quickly. Most mortgages tend to be 15 or 30 years long, so a 10-year refinance loan would put you on a faster path to owning your home outright. However, your monthly payments will be significantly higher than a 15- or 30-year loan, so make sure you have room in your budget for this loan. And for refinancing to make sense, you’ll want a loan with an interest rate lower than your existing mortgage. 

How do I find the best fixed 10-year refinance rate?

Shopping around is key to finding the best fixed 10-year refinance rate. We recommend getting at least three Loan Estimates from three different mortgage lenders to see what rates and terms you qualify for. Mortgage lenders may approach the underwriting process differently, so you could get a stronger offer with one bank over another. You’ll want to weigh APR, repayment periods, fees, closing costs, and other factors before making a final decision.