Thinking about refinancing your mortgage? It's a big decision, and there are lots of options out there. One that might catch your eye is the 10-year fixed mortgage. This article is all about exploring what those 10 year fixed mortgage rates refinance options look like right now. We'll break down different loan types and what you need to know before you make a move.

Key Takeaways

• Refinancing to a 10-year fixed mortgage can offer a lower interest rate compared to longer terms, potentially saving you money on interest over time.
• While 10-year fixed rates can be attractive, they often come with higher monthly payments than 15-year or 30-year options.
• When comparing 10 year fixed mortgage rates refinance offers, look at both the interest rate and the APR, which includes other fees.
• Refinancing involves closing costs, so calculate how long it will take for the savings to outweigh these expenses.
• Consider your personal financial goals, like paying off your home faster or lowering monthly payments, when choosing a refinance term.

1. 10-Year Fixed Refinance Rates

Thinking about refinancing your mortgage? A 10-year fixed-rate mortgage could be a good option if you're looking to pay off your home faster and save on interest over the life of the loan. This shorter term means higher monthly payments compared to longer terms, but you'll build equity much quicker.

When you choose a 10-year fixed refinance, your interest rate stays the same for the entire decade. This predictability is a big plus for budgeting. You know exactly what your principal and interest payment will be each month, making financial planning a bit easier.

Here's a general idea of what rates might look like, though remember these can change daily and depend on your specific situation:

Keep in mind that the "as low as" rates often come with certain conditions. These might include having a good credit score, a lower loan-to-value ratio, or paying discount points upfront. It's always a good idea to check with lenders for the most current rates and understand all the requirements.

Why consider a 10-year term?

• Faster Equity Building: You'll own your home outright much sooner than with a 15 or 30-year loan.
• Significant Interest Savings: Over 10 years, the total interest paid will be considerably less than on a longer-term loan.
• Predictable Payments: Your principal and interest payment won't change for the life of the loan.

Refinancing into a 10-year fixed mortgage means committing to a higher monthly payment. Make sure your budget can comfortably handle this increase before you decide. It's a trade-off between paying off your home sooner and saving on interest versus a more manageable monthly cost.

2. 15-Year Fixed Refinance Rates

Thinking about refinancing your mortgage? A 15-year fixed-rate mortgage could be a solid choice if you're looking to pay off your home faster and save on interest over the life of the loan. Unlike adjustable-rate mortgages, the interest rate on a 15-year fixed loan stays the same for the entire repayment period, giving you predictable monthly payments.

This stability can be a real comfort, especially in uncertain economic times.

When you refinance into a 15-year term, you're essentially shortening the time you'll be paying off your mortgage. This usually means your monthly payments will be higher compared to a 30-year loan, but you'll build equity more quickly and pay significantly less interest overall. For example, refinancing a $300,000 loan at 5.000% interest for 15 years could result in a monthly payment of around $2,372, not including taxes and insurance. This is a substantial commitment, but the long-term savings can add up.

Here's a quick look at what current rates might look like:

Keep in mind that these rates are just a starting point. Your actual rate will depend on factors like your credit score, loan amount, and the lender you choose. It's always a good idea to shop around and compare offers from multiple lenders to find the best deal for your situation. The national average interest rate for a 15-year fixed refinance has recently been around 6.13%.

Refinancing into a 15-year term offers several advantages:

• Faster Equity Building: You'll own your home outright much sooner.
• Lower Total Interest Paid: Over the life of the loan, you'll pay considerably less interest compared to a 30-year term.
• Payment Predictability: Your principal and interest payment remains constant.

Choosing a 15-year fixed refinance means accepting a higher monthly payment in exchange for quicker debt freedom and substantial interest savings. It's a trade-off that works well for homeowners who can comfortably manage the increased payments and prioritize paying off their mortgage sooner rather than later. Consider your current financial stability and future goals when making this decision.

Before you commit, make sure to factor in all the associated closing costs. These can include appraisal fees, title insurance, and lender fees, which can add a few percentage points to your overall loan cost. Understanding these costs upfront is key to a successful [refinance closing costs](refinance closing costs) process.

3. 30-Year Fixed Refinance Rates

When you're thinking about refinancing, the 30-year fixed-rate mortgage is often the first thing that comes to mind. It's a popular choice for a reason: it offers a predictable monthly payment for the entire life of the loan. This means no surprises, just a steady amount to budget for, which can be a real comfort.

This stability makes it a go-to option for many homeowners looking to manage their finances long-term.

Refinancing into a 30-year fixed loan can be a smart move if you're looking to lower your monthly payments, especially if current rates are significantly lower than what you're paying now. It spreads the loan amount over a longer period, which typically results in a smaller payment each month compared to shorter terms. However, it's important to remember that over the full 30 years, you'll likely pay more in interest compared to a 15-year or 10-year loan. It's a trade-off between a lower monthly payment and the total interest paid over time.

Here's a look at some typical rates you might see for a 30-year fixed refinance as of December 6, 2025:

Keep in mind these are just averages, and your actual rate will depend on a bunch of things like your credit score, loan-to-value ratio, and the specific lender you choose. It's always a good idea to shop around and compare offers from different lenders to find the best deal for your situation. You can check out current mortgage rates in Canada to get a general idea of the market mortgage rates in Canada.

When considering a 30-year refinance, think about:

• Your Financial Goals: Are you prioritizing a lower monthly payment or paying off your home faster?
• Total Interest Paid: A longer term means more interest over time, even with a lower rate.
• Closing Costs: Don't forget to factor in the costs associated with refinancing.
• Future Plans: Do you plan to sell the home before the 30 years are up?

Refinancing into a 30-year fixed mortgage can provide payment stability, but it's a decision that requires weighing the benefit of lower monthly payments against the potential for higher total interest costs over the loan's lifespan. Understanding your personal financial picture is key to making the right choice.

4. Adjustable-Rate Mortgages

Adjustable-rate mortgages, or ARMs, can be a bit of a puzzle, but they might be worth looking into for a refinance. The main idea is that you get a lower interest rate for a set period at the beginning of the loan, and then the rate can change later on. Think of it like a teaser rate, but for your mortgage.

The initial rate is fixed for a number of years, and after that, it adjusts periodically based on market conditions. This means your monthly payment could go up or down after the fixed period ends. It's a trade-off: you get a lower rate now, but you take on the risk of potentially higher rates in the future.

Here's a quick look at some common ARM structures:

• 3/5 ARM: The rate is fixed for the first 3 years, then adjusts every 5 years.
• 5/5 ARM: The rate is fixed for the first 5 years, then adjusts every 5 years.
• 7/6 ARM: The rate is fixed for the first 7 years, then adjusts every 6 months.
• 10/1 ARM: The rate is fixed for the first 10 years, then adjusts every year.
• 10/6 ARM: The rate is fixed for the first 10 years, then adjusts every 6 months.

These terms, like '3/5' or '10/1', tell you how long the initial rate is locked in and how often it can change after that. It's important to know that the rate and your monthly payment can increase after the initial fixed period. Lenders usually base these rates on a market index plus a margin, and there might be caps on how much the rate can go up at each adjustment and over the life of the loan.

Here's a general idea of what rates might look like, but remember these change daily:

Rates as of December 6, 2025. These are examples and can change. They often assume a good credit score and a certain loan-to-value ratio.

When considering an ARM for your refinance, think about how long you plan to stay in your home. If you're likely to move or refinance again before the fixed period ends, an ARM could save you money. But if you plan to stay put for a long time and are worried about future rate increases, a fixed-rate mortgage might be a safer bet.

5. Conventional Fixed Mortgage Rates

When you're thinking about refinancing, conventional fixed mortgage rates are a popular choice for many homeowners. These loans aren't backed by a government agency like the FHA or VA. Instead, they're offered by private lenders, like banks and credit unions. The big draw here is predictability. Your interest rate stays the same for the entire life of the loan, meaning your principal and interest payment won't change. This makes budgeting a whole lot easier.

Conventional loans typically require a good credit score and a decent down payment, though some options allow for higher loan-to-value ratios if you have strong credit. They come in various terms, with 15-year and 30-year being the most common. Refinancing into a conventional fixed loan can be a smart move if you want to lower your monthly payment, shorten your loan term, or tap into your home's equity.

Here's a look at some typical rates you might see for conventional fixed refinances:

Rates as of December 6, 2025. These are examples and can change.

When considering a conventional refinance, keep these points in mind:

• Credit Score Impact: A higher credit score generally gets you a better interest rate. If your score has improved since you last got your mortgage, refinancing could be very beneficial.
• Loan-to-Value (LTV) Ratio: Lenders look at the ratio of your loan balance to your home's value. Lower LTVs (meaning you have more equity) usually result in better rates.
• Closing Costs: Refinancing isn't free. You'll have closing costs, similar to when you bought your home, which can include appraisal fees, title insurance, and lender fees.
• Cash-Out Options: Many conventional refinances allow you to take out cash from your home's equity. This can be useful for home improvements, debt consolidation, or other large expenses.

Refinancing into a conventional fixed-rate mortgage offers a stable payment for the life of the loan. It's a solid option if you value predictability and want to potentially lower your monthly housing costs or access home equity, provided you meet the lender's credit and equity requirements.

6. Jumbo Mortgage Rates

If you're looking to refinance a mortgage that's larger than the conforming loan limits set by Fannie Mae and Freddie Mac, you'll be looking at jumbo mortgage rates. These loans are for amounts exceeding $806,500 in most areas, though that number can change. Because they represent a bigger risk for lenders, jumbo loans often come with slightly higher interest rates compared to conforming loans, but not always. It really depends on the market and your financial profile.

Refinancing a jumbo loan can be a smart move if you can secure a lower interest rate or better terms than your current mortgage.

Here's a quick look at what you might expect for jumbo refinance rates as of December 6, 2025:

Keep in mind that these are just examples, and your actual rate will depend on several factors. Lenders will look closely at your credit score, loan-to-value ratio, and overall financial health. For instance, a 720 FICO score and a loan-to-value ratio up to 80% are often used for these advertised rates. It's also worth noting that some lenders might offer specific programs, like the Homebuyers Choice loan, which can sometimes accommodate higher loan-to-value ratios even for jumbo amounts.

Securing a jumbo refinance often requires a strong credit history and a stable financial situation. Lenders want to see that you can handle a larger debt obligation, so be prepared to provide detailed financial documentation.

When considering a jumbo refinance, remember to compare offers from multiple lenders. The difference in rates, even a quarter of a percent, can add up to significant savings over the life of a large loan. Shopping around is key to finding the best jumbo mortgage rates available for your situation.

7. VA Loan Rates

VA loans are a fantastic benefit for our nation's veterans, offering some pretty sweet deals on home financing. When you're thinking about refinancing your VA loan, especially into a 10-year fixed rate, you're looking to lock in a stable payment for a good chunk of time. This can be a smart move if you plan to stay in your home for a while and want predictability.

Refinancing a VA loan into a 10-year fixed rate means you'll likely have higher monthly payments compared to longer terms, but you'll pay significantly less interest over the life of the loan. It's a trade-off between monthly affordability and long-term savings.

Here's a general idea of what you might see, though actual rates change daily:

*Note: Monthly payments shown are for principal and interest only and do not include taxes or insurance. Loan origination fees and discount points can affect the final rate and payment.

Refinancing your VA loan can be straightforward, especially with options like the VA Streamline Refinance (IRRRL). This program is designed to make it easier to lower your interest rate and monthly payment with less paperwork. It's a great way to take advantage of current market conditions if they're favorable.

When considering a 10-year fixed VA refinance, remember that while the monthly payments will be higher than a 30-year loan, the total interest paid over the decade will be substantially less. This can free up significant funds in your budget down the road, especially if you plan to pay off your mortgage early or simply want the peace of mind that comes with being debt-free sooner.

Key things to keep in mind:

• Eligibility: You must be a qualifying veteran, active-duty service member, or surviving spouse to use VA loan benefits.
• VA Funding Fee: While often waived for some veterans with service-connected disabilities, there's typically a VA funding fee. This can sometimes be financed into the loan.
• No Private Mortgage Insurance (PMI): A major perk of VA loans is that they don't require PMI, even with 0% down payment, which saves you money.
• Rate Changes: Like all mortgage rates, VA loan rates fluctuate. It's wise to shop around with different lenders to find the best rate for your situation.

8. FHA Loan Rates

Thinking about refinancing with an FHA loan? These loans, backed by the Federal Housing Administration, are often a good choice for borrowers who might not qualify for conventional loans due to credit history or down payment requirements. When you're looking at FHA refinance rates, it's important to remember they can differ from other loan types.

FHA loans typically have slightly higher interest rates compared to conventional loans, but they come with more flexible qualification criteria. This can make them an attractive option for many homeowners looking to refinance. The rates you see advertised are usually for borrowers with good credit, so your actual rate might be different depending on your financial profile.

Here's a general idea of what you might expect, though keep in mind these are averages and can change daily:

When considering an FHA refinance, remember a few key things:

• Mortgage Insurance Premiums (MIP): FHA loans require both an upfront MIP and an annual MIP, which is paid monthly. This is a significant factor in the overall cost of the loan.
• Loan Limits: FHA loans have limits that vary by county. Make sure your loan amount falls within these limits for your area.
• Property Requirements: The home you're refinancing must meet FHA's minimum property standards.

Refinancing with an FHA loan can be a smart move if you need more flexible terms or if you've had credit challenges in the past. It's always a good idea to shop around and compare offers from different lenders to find the best FHA refinance rates for your situation. Getting quotes from multiple sources will give you a clearer picture of what's available.

9. Homebuyers Choice Loan Rates

If you're looking to refinance but don't have a ton of equity built up in your home, the Homebuyers Choice Loan might be something to check out. This type of loan is designed to help homeowners who have a lower amount of equity refinance up to 97% of their home's value. It's a way to potentially lower your monthly payments or get cash out, even if your home hasn't appreciated a lot since you bought it.

This loan is a good option for those who need to tap into their home's value without having a large amount of equity.

Here's a quick look at what the rates might look like for a Homebuyers Choice Loan refinance, as of December 6, 2025:

Keep in mind that these rates are just a starting point. Your actual rate will depend on a few things, like your credit score (a 720 FICO is often assumed for these advertised rates), the loan amount, and the loan-to-value ratio. For the standard Homebuyers Choice Loan, a 97% loan-to-value is typically used for these advertised rates, while Jumbo versions also consider up to 97% LTV.

It's also worth noting that there might be an origination fee, usually around 1% of the loan amount. Sometimes, you can get this fee waived if you agree to a slightly higher interest rate, like a 0.25% increase. Discount points are also factored into these advertised rates, which means you pay an upfront fee to lower your interest rate.

Refinancing with a Homebuyers Choice Loan can be a smart move if you need to access your home's equity but have a lower equity position. It allows for a higher loan-to-value ratio compared to some other refinance options, potentially making it easier to get approved and achieve your financial goals.

When you're considering a refinance, always talk to your lender about the specifics of your situation. They can give you a clearer picture of what rates and terms you qualify for based on your unique financial profile and the current market conditions.

10. Refinance Closing Costs

When you refinance your mortgage, there are costs involved, just like when you first bought your home. These are called closing costs, and they can add up. Generally, you can expect these costs to be somewhere between 2% and 5% of the total loan amount you're refinancing. For example, if you're looking to refinance a $300,000 mortgage, your closing costs could range from $6,000 to $15,000. It's a significant chunk of change, and it means that the savings from your new, lower interest rate won't show up overnight. You'll need to do the math to figure out how long it will take for these costs to be recouped.

Here's a breakdown of some common fees you might encounter:

• Origination Fee: This is a fee the lender charges for processing your new loan application. It's often a percentage of the loan amount.
• Appraisal Fee: Your lender will want to know the current market value of your home, so they'll order an appraisal. This fee covers the appraiser's work.
• Credit Report Fee: They'll pull your credit history to assess your creditworthiness, and there's a small fee for this.
• Title Search and Insurance: This ensures there are no outstanding claims or liens on your property and protects the lender (and sometimes you) if issues arise.
• Recording Fees: Local government offices charge fees to record the new mortgage documents.
• Attorney Fees: Depending on your state and the complexity of the loan, you might need to pay for legal services.

It's worth noting that not all lenders are the same, and closing costs can differ quite a bit from one to another. Location also plays a role. Some lenders might offer discounts, especially if you've been a loyal customer, so it's always a good idea to shop around and compare offers. Sometimes, you might even be able to roll these costs into your new loan, though this will increase your loan amount and potentially your monthly payments.

It's also a good idea to ask your lender for a Loan Estimate. This document will give you a detailed breakdown of all the expected closing costs so you can see exactly where your money is going. Understanding these costs upfront is key to making sure your refinance actually saves you money in the long run.

Wrapping It Up

So, thinking about refinancing with a 10-year fixed mortgage? It's definitely worth looking into, especially if you're aiming to pay off your home faster and save on interest over time. While the rates might not always be the absolute lowest compared to longer terms, the stability and the speed at which you'll own your home outright can be a big win. Just remember to shop around, compare those APRs, and make sure it fits your long-term financial picture. It’s not a one-size-fits-all deal, but for the right person, locking in a 10-year rate could be a smart move for your wallet and your peace of mind.

Frequently Asked Questions

What is a 10-year fixed mortgage rate?

A 10-year fixed mortgage rate means your interest rate stays the same for the entire 10 years you have the loan. Refinancing into this type of loan can help you lock in a low rate for a shorter period, potentially saving you money on interest if you plan to move or pay off the loan quickly.

Why would someone refinance their mortgage?

People refinance their mortgages for a few main reasons. They might want to get a lower interest rate to reduce their monthly payments, change their loan term (like switching from 30 years to 15 years), or take out cash from their home's value for other needs.

Are 10-year fixed refinance rates currently good?

Interest rates change often. While the provided data shows rates around 6.24% to 6.36% for a 10-year fixed refinance, it's best to check current rates. Refinancing is most beneficial when you can secure a rate significantly lower than your current one.

What are closing costs for a refinance?

Closing costs are fees you pay when you finalize a refinance. These can include things like appraisal fees, title insurance, and lender fees. They typically range from 2% to 5% of the loan amount, so it's important to figure out if the savings from refinancing will outweigh these costs over time.

How is an APR different from an interest rate?

The interest rate is just the cost of borrowing money. The Annual Percentage Rate (APR) includes the interest rate plus other fees and costs associated with the loan, like origination fees and points. APR gives you a more complete picture of the loan's total cost.

Should I consider an adjustable-rate mortgage (ARM) for refinancing?

ARMs usually start with a lower interest rate for a set period (like 3, 5, or 7 years), after which the rate can change. They can be good if you plan to sell or refinance again before the initial rate period ends, or if you expect interest rates to go down in the future. However, they carry the risk of higher payments later on.