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.
10 year fixed rate mortgage rate.
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.
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Advantages of a 10 year fixed rate home loan.
The types of fixed loans available in the market are 10 year fixed rates as well as 15 20 and 30 year fixed rates.
This rate was 2 49 yesterday and 2 52 last week.
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.
A 10 year fixed rate mortgage is a home loan that can be paid off in 10 years.
The big advantage of a 30 year home loan over a 10 year loan is a lower monthly payment.