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