Find National and your State’s average 10 year fixed mortgage rates by credit score. A 10-year fixed mortgage lets you buy a home with the lowest interest rates available and pay it off in just a decade.
10-Year Fixed Rates by State –
10-year purchase rates are the lowest fixed rates available because lenders see shorter loans as less risky. Rates vary by state, credit score, and down payment amount. Click on a state to see all its rates for all loan products.
| 10-year Fixed rates | Credit Score | ||
|---|---|---|---|
| 720 - 850 | 690 - 719 | 620 - 689 | |
| Credit Unions | 5.28% | 5.34% | 5.49% |
| Online lenders | 5.39% | 5.44% | 5.59% |
| Banks | 5.69% | 5.74% | 5.79% |
| Alabama | 5.42% | 5.47% | 5.52% |
| Alaska | 5.43% | 5.48% | 5.53% |
| Arizona | 6.11% | 6.16% | 6.21% |
| Arkansas | 5.64% | 5.69% | 5.74% |
| California | 5.71% | 5.76% | 5.81% |
| Colorado | 5.71% | 5.76% | 5.81% |
| Connecticut | 5.47% | 5.52% | 5.57% |
| Delaware | 5.67% | 5.72% | 5.77% |
| Florida | 5.94% | 5.99% | 6.04% |
| Georgia | 5.40% | 5.45% | 5.50% |
| Hawaii | 5.47% | 5.52% | 5.57% |
| Idaho | 5.53% | 5.58% | 5.63% |
| Illinois | 5.98% | 6.03% | 6.08% |
| Indiana | 5.46% | 5.51% | 5.56% |
| Iowa | 5.51% | 5.56% | 5.61% |
| Kansas | 6.09% | 6.14% | 6.19% |
| Kentucky | 5.93% | 5.98% | 6.03% |
| Louisiana | 5.85% | 5.90% | 5.95% |
| Maine | 5.86% | 5.91% | 5.96% |
| Maryland | 5.83% | 5.88% | 5.93% |
| Massachusetts | 5.54% | 5.59% | 5.64% |
| Michigan | 5.69% | 5.74% | 5.79% |
| Minnesota | 5.50% | 5.55% | 5.60% |
| Mississippi | 5.86% | 5.91% | 5.96% |
| Missouri | 6.11% | 6.16% | 6.21% |
| Montana | 5.68% | 5.73% | 5.78% |
| Nebraska | 6.27% | 6.32% | 6.37% |
| Nevada | 6.11% | 6.16% | 6.21% |
| New Hampshire | 5.74% | 5.79% | 5.84% |
| New Jersey | 5.71% | 5.76% | 5.81% |
| New Mexico | 5.72% | 5.77% | 5.82% |
| New York | 5.30% | 5.35% | 5.40% |
| North Carolina | 5.89% | 5.94% | 5.99% |
| North Dakota | 5.99% | 6.04% | 6.09% |
| Ohio | 5.77% | 5.82% | 5.87% |
| Oklahoma | 5.55% | 5.60% | 5.65% |
| Oregon | 5.77% | 5.83% | 5.88% |
| Pennsylvania | 5.77% | 5.82% | 5.87% |
| Rhode Island | 5.94% | 6.00% | 6.05% |
| South Carolina | 5.81% | 5.86% | 5.91% |
| South Dakota | 5.50% | 5.55% | 5.60% |
| Tennessee | 5.88% | 5.93% | 5.98% |
| Texas | 5.71% | 5.76% | 5.81% |
| Utah | 5.57% | 5.62% | 5.67% |
| Vermont | 6.08% | 6.13% | 6.18% |
| Virginia | 5.77% | 5.83% | 5.88% |
| Washington | 5.74% | 5.79% | 5.84% |
| West Virginia | 5.54% | 5.59% | 5.64% |
| Wisconsin | 5.85% | 5.90% | 5.95% |
| Wyoming | 5.69% | 5.74% | 5.79% |
| Other Terms - National Rates | |||
| 30-year Fixed | 6.26% | 6.31% | 6.36% |
| 30-year Fixed FHA | 6.10% | 6.15% | 6.20% |
| 30-year Fixed VA | 5.84% | 5.89% | 5.94% |
| 30-Year Fixed Jumbo | 6.49% | 6.87% | 7.06% |
| 20-year Fixed | 6.01% | 6.06% | 6.11% |
| 15-year Fixed | 5.76% | 5.81% | 5.86% |
| 3-year ARM | 7.44% | 7.50% | 7.55% |
| 5-year ARM | 6.38% | 6.43% | 6.48% |
| 7-year ARM | 6.32% | 6.37% | 6.42% |
| 10-year ARM | 6.23% | 6.29% | 6.34% |
Source: MFP’s Community Home Purchase Rates Survey from the last 30 days.
Community Home Loan Lenders Recommendations
See which mortgage lenders could help purchase your new home cheaper and more easily on a 10 year fixed term. Find which home loan lenders are most recommended in your state and area. Thousands of homeowners in your state and area provide their feedback on their home lender.
What Affects Your Rate
Your Credit Score:
- 740+: Best available rates
- 700-739: Excellent rates with most lenders
- 680-699: Good rates, slight premium
- Below 680: Limited options, higher rates
Down Payment:
- 20%+ down: Best rates and no PMI
- 10-19% down: Good rates but PMI required
- Less than 10%: Higher rates plus PMI
- 5% minimum typically required for 10-year terms
Interest Rate Advantage:
- 10-year rates typically 0.375-0.75% lower than 15-year
- 10-year rates typically 0.75-1.25% lower than 30-year
- Lowest fixed rates in the mortgage market
Loan Amount:
- Conforming loans: Up to $766,550 in most areas (2024)
- Jumbo loans: Above conforming limits with slightly higher rates
- Smaller loans may have limited lender options
MFP Tip: 10-year purchase loans offer the absolute lowest fixed rates available. The rate advantage alone can save you tens of thousands over shorter repayment periods.
What is a 10-Year Fixed Mortgage?
A 10-year fixed purchase loan is a mortgage you use to buy a home that you’ll pay off in exactly 10 years. Your interest rate stays the same for the entire decade, and you never pay mortgage insurance if you put down 20% or more.
How It Works
You borrow money to buy a house and make monthly payments for 120 months (10 years). Your interest rate is locked in from day one, so your payment stays the same every month. Each payment includes principal and interest, with most of each payment going toward principal because of the short term.
The lender holds your home as collateral until you pay off the loan completely. After 10 years of payments, you own your home free and clear.
Main Features of 10-Year Fixed Purchase Loan
Lowest Fixed Interest Rates: 10-year loans offer the absolute best fixed rates in the market.
10-Year Term: Own your home completely in just one decade.
Fixed Rate Protection: Rate never changes for the entire loan term.
Rapid Equity Building: Most of each payment goes to principal from the start.
Massive Interest Savings: Pay far less total interest than any longer loan term.
No Prepayment Penalties: Pay extra or pay off early without fees.
Build Wealth Quickly: Forced savings through high principal payments.
Compared to Other Loan Types
10-Year Fixed vs. 15-Year Fixed
Monthly Payments:
- 10-year payments about 30-40% higher than 15-year
- You’re paying off the home in 2/3 the time
Interest Rates:
- 10-year rates typically 0.375-0.75% lower than 15-year
- Significant rate advantage for shorter commitment
Total Interest Paid:
- 10-year loans save 40-50% on interest vs. 15-year
- Both shorter term and lower rate compound savings
Ownership Timeline:
- 10-year: Debt-free in a decade
- 15-year: Debt-free in 15 years
Example on $400,000 purchase with $80,000 down ($320,000 loan):
- 10-year at 6.0%: $3,552/month, $106,240 total interest
- 15-year at 6.5%: $2,788/month, $181,840 total interest
- Monthly difference: $764 more for 10-year
- Interest savings with 10-year: $75,600
10-Year Fixed vs. 30-Year Fixed
Monthly Payments:
- 10-year payments about 65-75% higher than 30-year
- Massive payment difference but much shorter term
Interest Rates:
- 10-year rates typically 0.75-1.25% lower than 30-year
- Substantial rate advantage
Total Interest Paid:
- 10-year loans save 75-85% on interest vs. 30-year
- Hundreds of thousands in savings over loan life
Ownership Timeline:
- 10-year: Own your home in a decade
- 30-year: Three decades of payments
Example on $400,000 purchase with $80,000 down ($320,000 loan):
- 10-year at 6.0%: $3,552/month, $106,240 total interest
- 30-year at 7.0%: $2,128/month, $446,080 total interest
- Monthly difference: $1,424 more for 10-year
- Interest savings with 10-year: $339,840
MFP Tip: The combination of lower rates and shorter terms makes 10-year loans the most cost-effective mortgage option if you can afford the higher monthly payment.
Pros and Cons of 10-Year Fixed Purchase
Benefits
Lowest Interest Rates Available: 10-year loans offer the absolute best fixed rates in the entire mortgage market.
Massive Interest Savings: Save hundreds of thousands in interest compared to 30-year loans on the same purchase.
Own Your Home in a Decade: Be completely debt-free in just 10 years instead of 15 or 30.
Build Equity Extremely Fast: Most of every payment goes straight to principal, building wealth rapidly.
Perfect for Mid-Career Buyers: Buy in your 40s or 50s and own outright by retirement.
Forced Wealth Building: High mandatory payments act as automatic savings you can’t skip.
Lower Total Home Cost: Pay far less for your home over the life of the loan.
Rate Protection: Lock in the lowest possible rate for the full decade.
Financial Freedom Sooner: Free up your housing payment for other goals in just 10 years.
Cons
Very High Monthly Payments: Payments are 65-75% higher than 30-year loans, which can strain budgets significantly.
Buy Less House: High payments mean you qualify for a smaller loan amount than with longer terms.
Strict Qualification Standards: Lenders apply tough debt-to-income requirements due to high payments.
Minimal Cash Flow Flexibility: Large payments leave little room for emergencies or other expenses.
Limited Lender Options: Not all lenders offer 10-year purchase loans, reducing shopping choices.
Higher Down Payment Often Required: Many lenders prefer 10-20% down minimum for 10-year terms.
Opportunity Cost: Money going to high mortgage payments can’t be invested elsewhere.
Less Common Product: Fewer lenders offer 10-year loans, potentially limiting rate competition.
When to Get a 10-Year Fixed Purchase Loan
You Have Very Strong Income: Your income is high enough that the large payment won’t stress your budget or limit other goals.
You’re in Your Peak Earning Years: Mid-to-late career professionals with established incomes and job security.
You’re Buying Your Forever Home: Plan to stay long-term and want to own it outright quickly.
You Hate Debt: Strongly prefer to be debt-free as quickly as possible and prioritize this over other goals.
You’re a Late Homebuyer: Buying in your 40s or 50s and want to own free and clear by retirement.
You Have Minimal Other Debts: Low car payments, no student loans, and little credit card debt leave room for high mortgage payments.
You Want Maximum Interest Savings: Willing to sacrifice monthly cash flow for massive lifetime interest savings.
You Have Strong Emergency Savings: 6-12 months expenses saved to handle the high payment during financial setbacks.
You’re Financially Conservative: Prefer the security of rapid debt elimination over investment opportunities.
You Expect Income Growth: Anticipate raises that will make the payment easier over time.
You’re Buying Below Your Means: Can afford a larger home but choose a smaller one with faster payoff.
MFP Tip: A good rule: if the 10-year payment is less than 28% of your gross monthly income, you have strong emergency savings, and you’re debt-averse, a 10-year loan could be perfect for you.
How to Qualify for 10-Year Fixed Purchase
Typical Qualification Requirements
Credit Score:
- 740+ for best rates and easiest approval
- 700+ for good rates with most lenders
- 680+ minimum for many lenders
- Higher standards than 30-year loans
- Excellent credit history preferred
Down Payment:
- 20% down preferred to avoid PMI
- 10-15% minimum with many lenders
- Larger down payments improve approval odds
- Some lenders may require 20% minimum
Debt-to-Income Ratio:
- Maximum 36-43% including new mortgage payment
- Lower ratios strongly preferred
- High payment requires very low other debts
- Stricter than 15-year or 30-year standards
Income Requirements:
- Strong, stable income required
- Two years steady employment in same field
- Income must clearly support high payment
- Pay stubs, W-2s, and tax returns required
- Self-employed need 2 years business tax returns
Assets and Reserves:
- Down payment funds
- Closing costs (typically 2-5% of purchase price)
- 3-6 months mortgage reserves strongly recommended
- Larger reserves offset qualification concerns
Employment History:
- Two years in same job or field minimum
- Stable or increasing income trajectory
- Recent job changes scrutinized carefully
- Employment gaps can complicate approval
Property Requirements:
- Home appraisal supporting purchase price
- Property must meet lender standards
- Homeowner’s insurance required
- Primary residence or second home
Loan Amount Limitations:
- High monthly payment reduces maximum loan amount
- May qualify for 20-30% less than with 30-year loan
- Must fit payment within DTI requirements
MFP Tip: Get pre-approved early to know your exact buying power with a 10-year loan. The high payment significantly reduces how much home you can afford compared to longer terms.
FAQs: 10-Year Fixed Purchase
How much less house can I afford with a 10-year vs. 30-year loan?
You’ll typically qualify for 25-35% less home with a 10-year loan due to the higher payment. For example, if you qualify for a $400,000 home with a 30-year loan, you might only qualify for $260,000-300,000 with a 10-year loan at the same interest rate and DTI ratio. The exact amount depends on your income, debts, and the rate difference between loan terms.
Are 10-year mortgage rates really that much lower?
Yes. 10-year rates are typically 0.375-0.75% lower than 15-year rates and 0.75-1.25% lower than 30-year rates. This rate advantage exists because lenders face less risk over a shorter period. Even a 0.50% rate difference saves tens of thousands in interest over the loan life.
Can I get a 10-year loan with less than 20% down?
Some lenders allow 10-15% down on 10-year loans, but you’ll pay PMI until you reach 20% equity. Many lenders prefer 20% down for 10-year terms due to the higher payment risk. Putting down less than 20% also means higher monthly costs from PMI on top of the already high payment.
Do all lenders offer 10-year purchase loans?
No. 10-year loans are less common than 15-year or 30-year products. Many major lenders offer them, but availability varies. Credit unions and regional banks sometimes have better 10-year options than big national lenders. You’ll need to shop around to find competitive 10-year rates.
Should I buy a smaller home with a 10-year loan or a bigger home with a 30-year loan?
This depends on your priorities. A smaller home with a 10-year loan means you’ll own it outright in a decade and save hundreds of thousands in interest. A bigger home with a 30-year loan gives you more space now but decades of debt and much higher total costs. Consider your life stage, family needs, and financial goals.
What if I can’t afford the payment later?
You can refinance to a longer term to reduce payments, sell the home, or tap home equity through a HELOC for temporary relief. However, lenders require strong income and reserves upfront specifically to prevent this situation. Build a 6-12 month emergency fund before committing to a 10-year loan.
Can I pay off a 10-year loan even faster?
Yes, most 10-year loans allow extra payments without penalties. You can add extra money to monthly payments, make additional payments throughout the year, or apply windfalls like bonuses or tax refunds to principal. Some buyers even make biweekly payments to shave additional time off the loan.
How much will I really save with a 10-year vs. 30-year purchase?
The savings are massive. On a $320,000 loan, you’d save about $339,840 in interest with a 10-year at 6.0% versus a 30-year at 7.0%. That’s enough to buy another house outright in many markets. The combination of lower rates and shorter terms creates enormous savings despite the higher monthly payment.
Is a 10-year loan good for first-time homebuyers?
Rarely. First-time buyers usually need lower payments to manage all the costs of homeownership while building emergency savings. 10-year loans work better for established buyers with strong incomes, low debts, and solid financial cushions. Most first-time buyers should start with a 30-year loan and can always refinance to shorter terms later.
MFP Tip: Calculate the total interest savings with online calculators using your exact purchase price and down payment. Seeing the six-figure savings often makes the higher monthly payment more acceptable.