Find National and your State’s average 10 year fixed refinance rates & Cash Out rates by credit score. A 10-year fixed refinance replaces your current mortgage with a new loan you’ll pay off in 10 years.
10-Year Fixed Refinance Rates by State –
10-year refinance rates are typically the lowest fixed rates available because lenders see shorter loans as less risky. Rates vary by state, credit score, and home equity. 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 | 5.38% | 5.43% | 5.58% |
| Online lenders | 5.48% | 5.53% | 5.68% |
| Banks | 5.78% | 5.83% | 5.88% |
| Alabama | 5.54% | 5.59% | 5.64% |
| Alaska | 5.53% | 5.58% | 5.63% |
| Arizona | 5.44% | 5.49% | 5.54% |
| Arkansas | 5.74% | 5.79% | 5.84% |
| California | 5.88% | 5.93% | 5.98% |
| Colorado | 5.60% | 5.65% | 5.70% |
| Connecticut | 5.57% | 5.62% | 5.67% |
| Delaware | 5.79% | 5.84% | 5.89% |
| Florida | 5.98% | 6.03% | 6.08% |
| Georgia | 5.50% | 5.55% | 5.60% |
| Hawaii | 5.57% | 5.62% | 5.67% |
| Idaho | 5.63% | 5.68% | 5.73% |
| Illinois | 6.08% | 6.13% | 6.18% |
| Indiana | 5.58% | 5.63% | 5.68% |
| Iowa | 5.61% | 5.66% | 5.71% |
| Kansas | 5.68% | 5.73% | 5.78% |
| Kentucky | 6.03% | 6.08% | 6.13% |
| Louisiana | 5.98% | 6.03% | 6.08% |
| Maine | 5.94% | 5.99% | 6.04% |
| Maryland | 5.95% | 6.00% | 6.05% |
| Massachusetts | 5.64% | 5.69% | 5.74% |
| Michigan | 5.81% | 5.86% | 5.91% |
| Minnesota | 5.60% | 5.65% | 5.70% |
| Mississippi | 5.75% | 5.80% | 5.85% |
| Missouri | 5.97% | 6.02% | 6.07% |
| Montana | 5.78% | 5.83% | 5.88% |
| Nebraska | 6.37% | 6.42% | 6.47% |
| Nevada | 5.54% | 5.59% | 5.64% |
| New Hampshire | 5.86% | 5.91% | 5.96% |
| New Jersey | 5.79% | 5.84% | 5.89% |
| New Mexico | 5.84% | 5.89% | 5.94% |
| New York | 5.42% | 5.47% | 5.52% |
| North Carolina | 5.76% | 5.81% | 5.86% |
| North Dakota | 6.09% | 6.14% | 6.19% |
| Ohio | 5.87% | 5.92% | 5.97% |
| Oklahoma | 5.67% | 5.72% | 5.77% |
| Oregon | 5.80% | 5.85% | 5.90% |
| Pennsylvania | 6.03% | 6.08% | 6.13% |
| Rhode Island | 6.05% | 6.10% | 6.15% |
| South Carolina | 5.75% | 5.80% | 5.85% |
| South Dakota | 5.60% | 5.65% | 5.70% |
| Tennessee | 5.98% | 6.03% | 6.08% |
| Texas | 5.78% | 5.83% | 5.88% |
| Utah | 5.65% | 5.70% | 5.75% |
| Vermont | 6.18% | 6.23% | 6.27% |
| Virginia | 5.88% | 5.93% | 5.98% |
| Washington | 5.92% | 5.97% | 6.02% |
| West Virginia | 5.62% | 5.67% | 5.72% |
| Wisconsin | 5.95% | 6.00% | 6.05% |
| Wyoming | 5.81% | 5.86% | 5.91% |
| National Rates Terms | |||
| 30-year Fixed | 6.53% | 6.58% | 6.63% |
| 30-year Fixed FHA | 6.25% | 6.30% | 6.35% |
| 30-year Fixed VA | 6.76% | 7.14% | 7.33% |
| 30-year Fixed Jumbo | 6.36% | 6.60% | 6.79% |
| 20-year Fixed | 6.32% | 6.38% | 6.43% |
| 15-year Fixed | 5.84% | 5.89% | 5.94% |
| 10-year Fixed | 5.78% | 5.83% | 5.88% |
| 3-year ARM | 7.55% | 7.60% | 7.65% |
| 5-year ARM | 6.56% | 6.61% | 6.66% |
| 7-year ARM | 6.41% | 6.46% | 6.51% |
| 10-year ARM | 6.39% | 6.44% | 6.49% |
Source: MFP’s Community Home Refinance Rates Survey from the last 30 days.
10-Year Fixed Cash Out Refinance Rates by State –
10-year refinance cash out rates are typically the lowest fixed rates available because lenders see shorter loans as less risky. Rates vary by state, credit score, and home equity. 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 | 5.50% | 5.63% | 5.85% |
| Online lenders | 5.60% | 5.73% | 5.95% |
| Banks | 5.90% | 6.03% | 6.15% |
| Alabama | 5.66% | 5.79% | 5.91% |
| Alaska | 5.65% | 5.78% | 5.90% |
| Arizona | 5.56% | 5.69% | 5.81% |
| Arkansas | 5.86% | 5.99% | 6.11% |
| California | 6.00% | 6.13% | 6.25% |
| Colorado | 5.72% | 5.85% | 5.97% |
| Connecticut | 5.69% | 5.82% | 5.94% |
| Delaware | 5.91% | 6.04% | 6.16% |
| Florida | 6.10% | 6.23% | 6.35% |
| Georgia | 5.62% | 5.75% | 5.87% |
| Hawaii | 5.69% | 5.82% | 5.94% |
| Idaho | 5.75% | 5.88% | 6.00% |
| Illinois | 6.20% | 6.32% | 6.45% |
| Indiana | 5.70% | 5.83% | 5.95% |
| Iowa | 5.73% | 5.86% | 5.98% |
| Kansas | 5.80% | 5.93% | 6.05% |
| Kentucky | 6.15% | 6.27% | 6.40% |
| Louisiana | 6.10% | 6.23% | 6.35% |
| Maine | 6.06% | 6.19% | 6.31% |
| Maryland | 6.07% | 6.20% | 6.32% |
| Massachusetts | 5.76% | 5.89% | 6.01% |
| Michigan | 5.93% | 6.06% | 6.18% |
| Minnesota | 5.72% | 5.85% | 5.97% |
| Mississippi | 5.87% | 6.00% | 6.12% |
| Missouri | 6.09% | 6.22% | 6.34% |
| Montana | 5.90% | 6.03% | 6.15% |
| Nebraska | 6.49% | 6.62% | 6.74% |
| Nevada | 5.66% | 5.79% | 5.91% |
| New Hampshire | 5.98% | 6.11% | 6.23% |
| New Jersey | 5.91% | 6.04% | 6.16% |
| New Mexico | 5.96% | 6.09% | 6.21% |
| New York | 5.54% | 5.67% | 5.79% |
| North Carolina | 5.88% | 6.01% | 6.13% |
| North Dakota | 6.21% | 6.34% | 6.46% |
| Ohio | 5.99% | 6.12% | 6.24% |
| Oklahoma | 5.79% | 5.92% | 6.04% |
| Oregon | 5.92% | 6.05% | 6.17% |
| Pennsylvania | 6.15% | 6.27% | 6.40% |
| Rhode Island | 6.17% | 6.30% | 6.42% |
| South Carolina | 5.87% | 6.00% | 6.12% |
| South Dakota | 5.72% | 5.85% | 5.97% |
| Tennessee | 6.10% | 6.23% | 6.35% |
| Texas | 5.90% | 6.03% | 6.15% |
| Utah | 5.77% | 5.90% | 6.02% |
| Vermont | 6.30% | 6.43% | 6.55% |
| Virginia | 6.00% | 6.13% | 6.25% |
| Washington | 6.04% | 6.17% | 6.29% |
| West Virginia | 5.74% | 5.87% | 5.99% |
| Wisconsin | 6.07% | 6.20% | 6.32% |
| Wyoming | 5.93% | 6.06% | 6.18% |
| National Rates Terms | |||
| 30-year Fixed | 6.66% | 6.78% | 6.91% |
| 30-year Fixed FHA | 6.37% | 6.50% | 6.62% |
| 30-year Fixed VA | 6.89% | 7.01% | 7.14% |
| 30-year Fixed Jumbo | 6.48% | 6.61% | 6.73% |
| 20-year Fixed | 6.45% | 6.58% | 6.70% |
| 15-year Fixed | 5.97% | 6.09% | 6.22% |
| 10-year Fixed | 5.90% | 6.03% | 6.15% |
| 3-year ARM | 7.67% | 7.80% | 7.92% |
| 5-year ARM | 6.68% | 6.81% | 6.93% |
| 7-year ARM | 6.53% | 6.66% | 6.78% |
| 10-year ARM | 6.51% | 6.64% | 6.76% |
Source: MFP’s Community Home Refinance Rates Survey from the last 30 days.
Community Refinance Lenders Recommendations
Interested to see which home refinance lenders are most recommended in your state and area? Thousands of homeowners in your state and area provide their feedback on their refinance lender. See which one could help refinance to a 10 Year Fixed cheaper and more easily.
What Affects Your Rate
Credit Score:
- 740+: Best available rates
- 680-739: Rates usually 0.25-0.50% higher
- 620-679: Rates usually 0.50-1.00% higher than top-tier
Loan-to-Value Ratio:
- 80% LTV or lower: Best rates and no PMI
- 80-90% LTV: Higher rates plus PMI required
- 90-97% LTV: Highest rates with PMI
Rate’s Term:
- 10-year rates typically 0.375-0.75% lower than 15-year
- 10-year rates typically 0.75-1.25% lower than 30-year
- Shortest fixed-rate term available from most lenders
MFP Tip: 10-year loans offer the absolute lowest fixed rates available. Even a 0.50% rate difference can save tens of thousands over the loan term.
What is a 10-Year Fixed Refinance?
A 10-year fixed refinance replaces your existing mortgage with a new loan that you’ll pay off in exactly 10 years. Your interest rate stays the same for the entire decade, giving you the lowest rates available while building equity at maximum speed.
How It Works
You apply with a lender to replace your current mortgage. If approved, the new loan pays off your existing mortgage, and you make monthly payments for 120 months. Your rate is locked in from day one.
Because you’re paying off the loan in such a short time, your monthly payments are significantly higher than 15-year or 30-year loans. But you’ll pay far less interest and own your home much faster.
Main Features of 10-Year Fixed Refinance
Lowest Fixed Rates: 10-year loans offer the absolute lowest interest rates for fixed-rate mortgages.
Short Loan Term: Only 120 monthly payments to complete ownership.
Massive Interest Savings: Pay substantially less total interest compared to any longer loan term.
Rapid Equity Building: Most of each payment goes toward principal from the start.
Payment Stability: Fixed rate means your payment never changes.
No Prepayment Penalties: Pay extra or pay off early without fees.
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 balance in 2/3 the time
Interest Rates:
- 10-year rates typically 0.375-0.75% lower than 15-year
- Lenders reward the shorter risk period
Total Interest Paid:
- 10-year loans save 40-50% on interest vs. 15-year
- Shorter term plus lower rate compounds savings
Example on $300,000 refinance:
- 10-year at 6.0%: $3,330/month, $99,600 total interest
- 15-year at 6.5%: $2,613/month, $170,340 total interest
- Monthly difference: $717 more for 10-year
- Interest savings with 10-year: $70,740
10-Year Fixed vs. 30-Year Fixed
Monthly Payments:
- 10-year payments about 65-75% higher than 30-year
- Much larger payment for much shorter term
Interest Rates:
- 10-year rates typically 0.75-1.25% lower than 30-year
- Significant rate advantage for shorter term
Total Interest Paid:
- 10-year loans save 75-85% on interest vs. 30-year
- Massive difference in total cost
Example on $300,000 refinance:
- 10-year at 6.0%: $3,330/month, $99,600 total interest
- 30-year at 7.0%: $1,996/month, $418,527 total interest
- Monthly difference: $1,334 more for 10-year
- Interest savings with 10-year: $318,927
MFP Tip: The rate difference between 10-year and 30-year loans is often 1% or more. This rate advantage amplifies your interest savings beyond just the shorter term.
Pros and Cons of 10-Year Fixed Refinance
Benefits
Lowest Interest Rates Available: 10-year loans offer the absolute best fixed rates in the mortgage market.
Massive Interest Savings: Save hundreds of thousands in interest compared to 30-year loans on the same balance.
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.
Forced Wealth Building: High principal payments act like automatic savings you can’t skip.
Perfect for Pre-Retirement: Pay off your home completely before retirement while you’re still working.
Rate Protection: Lock in the lowest possible rate for the full decade.
Cons
Very High Monthly Payments: Payments are 65-75% higher than 30-year loans, which can strain your budget significantly.
Strict Qualification Standards: Lenders apply tough debt-to-income requirements due to the high payment.
Minimal Cash Flow Flexibility: Large payments leave little room for emergencies or other expenses.
Limited Lender Options: Not all lenders offer 10-year loans, reducing your shopping choices.
Opportunity Cost: Money going to high mortgage payments can’t be invested elsewhere for potentially better returns.
Harder to Qualify: Need higher income and lower debts to meet payment requirements.
Less Common Product: Fewer lenders means potentially less competitive pricing.
When to Get a 10-Year Fixed Refinance
You Have Very Strong Income: Your income is high enough that the large payment won’t stress your budget.
You’re in Your Peak Earning Years: Mid-to-late career professionals who expect stable or increasing income.
You’re Approaching Retirement: Want to eliminate your mortgage completely in the next decade before retiring.
You Hate Debt: Strongly prefer to be debt-free as quickly as possible and can afford the payment.
You Have Low Other Debts: Minimal car loans, credit cards, or student loans leave room for the high mortgage payment.
Rates Are Very Low: When 10-year rates are exceptionally attractive, maximizing the savings opportunity.
Your Home Value Has Increased: Built equity through appreciation, making qualification easier with lower loan-to-value.
You Want Maximum Interest Savings: Willing to pay more monthly to minimize lifetime interest costs.
You Already Have Emergency Savings: Strong financial cushion in place to handle the high payment.
You’re Debt-Averse: The psychological benefit of rapid debt elimination is worth the higher payment.
MFP Tip: A good rule of thumb: if the 10-year payment is less than 28% of your gross monthly income and you have 6+ months emergency savings, you can likely handle it comfortably.
How to Qualify for 10-Year Fixed Refinance
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 requirements than longer-term loans
Debt-to-Income Ratio:
- Maximum 36-43% including new mortgage payment
- Stricter standards than 15-year or 30-year loans
- Lower DTI improves approval odds significantly
- High payment requires low other debts
Home Equity:
- 20% equity minimum strongly preferred
- 25%+ equity gets best rates
- Less than 20% requires PMI and higher rates
- More equity improves qualification odds
Income Requirements:
- Strong, stable income required
- Two years steady employment in same field
- Income must clearly support high payment
- Reserves of 3-6 months payments preferred
Employment History:
- Two years in same job or field
- Stable or increasing income trajectory
- Self-employed need two years tax returns
- Recent job changes scrutinized more closely
Assets and Reserves:
- Closing costs (typically 2-3% of loan amount)
- 3-6 months mortgage reserves strongly recommended
- Larger reserves offset qualification concerns
- Demonstrates ability to handle high payment
Property Requirements:
- Home appraisal supporting loan amount
- Property in good condition
- Homeowner’s insurance required
- Primary residence or second home
MFP Tip: Lenders are more selective with 10-year loans because of the high payment. Clean credit, low debt, and strong income make approval much easier.
FAQs: 10-Year Fixed Refinance
How much will my monthly payment increase with a 10-year refinance?
Payments typically increase 30-40% compared to a 15-year loan and 65-75% compared to a 30-year loan on the same balance. For example, a $300,000 loan at 6.0% would be $3,330/month on a 10-year vs. $1,996/month on a 30-year at 7.0%. That’s a $1,334 monthly increase.
Are 10-year refinance rates really that much lower than other terms?
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. Lenders offer better rates for shorter terms because there’s less risk over a decade compared to 15 or 30 years. This rate advantage adds to your savings beyond just the shorter payoff period.
Do all lenders offer 10-year refinances?
No. 10-year loans are less common than 15-year or 30-year products. Many major lenders offer them, but not all do. You may need to shop with multiple lenders to find 10-year options. Credit unions and local banks sometimes have better 10-year offerings than big national lenders.
Should I choose a 10-year or just pay extra on a 15-year loan?
10-year loans are better if you want the lowest possible interest rate and forced discipline to make higher payments. You’ll save more with the lower rate. Paying extra on a 15-year gives you flexibility to skip extra payments during tight months, but you won’t get the rate discount that comes with committing to the 10-year term upfront.
What if I can’t make the payment later?
You have several options: refinance to a longer term to reduce payments, sell the home if needed, or tap home equity through a HELOC for temporary relief. This is why lenders require strong income and reserves – they want assurance you can handle the payment even during financial setbacks. Make sure you have 6+ months emergency savings before committing to a 10-year loan.
How much can I save with a 10-year vs. 30-year refinance?
The savings are substantial. On a $300,000 refinance, you’d save about $318,927 in interest with a 10-year at 6.0% versus a 30-year at 7.0%. Even accounting for the rate difference, the shorter term creates massive savings. The higher monthly payment ($1,334 more per month) pays for itself many times over in interest savings.
Can I refinance to a 10-year if I have a 30-year now?
Yes, as long as you qualify. Many homeowners refinance from 30-year to 10-year loans when their income increases or they want to accelerate payoff. You’ll need to meet the stricter qualification standards, but if you can afford the higher payment, it’s one of the smartest financial moves you can make.
What credit score do I need for a 10-year refinance?
Most lenders require 680-700 minimum, with 740+ getting the best rates. The high monthly payment means lenders are more selective about credit quality. If your score is below 680, you might have trouble finding 10-year options. Focus on improving your credit first, or consider a 15-year loan instead.
How long does a 10-year refinance take to process?
The timeline is similar to other refinances: 30-45 days from application to closing. Application and documentation take 1-2 weeks, appraisal takes 1-2 weeks, underwriting takes 1-2 weeks, and closing preparation takes about 1 week. Because 10-year loans are less common, some lenders may take slightly longer for underwriting review.
MFP Tip: Use an online refinance calculator to see exactly how much you’ll save with a 10-year refinance versus other terms. Seeing the total interest savings often makes the higher monthly payment easier to accept.