The current average rate on a 10-year refinance is 4.82% compared to the rate a week before of 5.04%.

The 52-week high rate for a 10-year refinance was 5.46%, and the 52-week low was 4.41%.

A 10-year mortgage is a home loan that you’ll repay over a 10-year period

This could be a good option if you are looking to pay off your mortgage faster and want to save money on interest.

Just remember that your monthly payments will likely be higher with a shorter term

If you’re considering a 10-year mortgage refinance, here are some pros and cons to keep in mind

Lower interest rates

Faster repayment schedule

Build equity more quickly

Cons of 10-year Mortgage Refinances

Higher monthly payments

Harder to qualify

Less flexibility in your budget