10 Year Fixed Rate Mortgage Rate

Advantages of a 10 year fixed rate home loan.

10 year fixed rate mortgage rate.

Sort and filter until you find the best loan. Though you can get a 10 year fixed mortgage to purchase a home these are most popular for refinances. The big advantage of a 30 year home loan over a 10 year loan is a lower monthly payment. Unlike arm loans which can have widely swinging rates monthly payments there is no tension for the homeowner who uses a frm because he knows exactly what amount constitutes the interest and also the principal payments.

The types of fixed loans available in the market are 10 year fixed rates as well as 15 20 and 30 year fixed rates. A 10 year fixed rate mortgage is a home loan that can be paid off in 10 years. Data from the mortgage bankers association covering early 2016 says that fixed rate loans for terms other than 30 or 15 years primarily 20 or 10 year mortgage loans represented 18 percent of all refinances an increase of 57 percent from the previous year. Nationally 10 year fixed mortgage rates are 2 48.

Both the 10 year fixed mortgage and the adjustable rate mortgage or arm typically have lower interest rates than their longer term fixed interest counterparts. However for those who can afford the slightly higher payment associated with a 10 year mortgage are getting a better deal in almost every possible way.