10 Year Fixed Rates

10 Year Mortgage Rates

A fixed rate mortgage is a great option for a potential homeowner because it guarantees the same mortgage rate for the duration of the loan. A fixed rate mortgage is often slightly higher than the initial rate for an adjustable mortgage. However, many people believe that this trade off is worth the peace of mind that comes with knowing that your interest rate won’t change.

When you choose a fixed rate mortgage, you know exactly how much you’ll be paying in principal and interest for the entire loan. An adjustable rate mortgage doesn’t offer this security. Even though interest rates may be low now, you never know what the future will bring. In addition to 10 year mortgage rates, 15, 20, 25, and 30 year fixed mortgage rates are available. If you have the assets to pay off a 10 year loan, it makes sense to take the fixed rate and get the loan paid off as quickly as possible.

10 Year Mortgage Rate Pros

While 10 year mortgage rates aren’t as popular as 15 or 30 year mortgages, they do offer several key advantages.

  • Lower rates. Typically, 10 year mortgages boast lower interest rates than their 15 and 30 year counterparts. In some instances, the rate is a full percent lower.
  • Fast equity building. A 10 year mortgage allows you to pay off your debt quickly, building equity in a home more rapidly.
  • Less interest paid. The quicker you pay off a loan, the less interest you owe.

At Paramount Equity®, we pride ourselves on providing the right program for everyone. From purchasing a new home to refinancing an existing home to applying for an FHA loan, we are here to help in every way that we can. To learn more about 10 year mortgage rates and our other offerings, contact us today.

 

The Paramount Pledge™ – Triple Protection

The Paramount Pledge. It is our promise to you that we’ll provide the best rates, won’t charge you an application fee to lock in a rate and will ensure we can close and lock in a rate at the terms we provide.

No Application Fee – Other lenders charge hundreds of dollars to start the loan process with you. Paramount Equity Mortgage® will never ask you to pay an application fee just to lock in your rate.
Better Rate Warranty – After you complete a loan with us, we will cover most of the cost to refinance or purchase within the next seven years, for any reason.
Set & Secure Closing Guarantee™* – Once we receive all required borrower information, your signed disclosure and lock your loan, we guarantee we can close your loan at the rate and terms we provided. If we can’t, we will pay you $500.
* The Set & Secure Closing Guarantee is not valid in the event that there is an unforeseen change such as, an appraisal coming in under value, undisclosed debt at the time the loan was pre-qualified, a change in income due to loss of job or change in employment, etc. This guarantee is also not valid in the event that you withdraw your application or request a change to the terms of your loan. A change in terms would consist of, but is not limited to, a change in loan amount, fixed vs. adjustable rate, number of years the loan is amortized, adding/removing a borrower, etc.
On a purchase transaction with a Conventional 10 year fixed loan, a payment of $2149.82 with an LTV of 70%, and a 3.451% % APR. For all information a loan amount of $220,000 is assumed and a rate of 3.25% is being used. Terms available to qualified applicants only; payment does not include taxes or insurance which, if applicable, will increase your total monthly payment. Rates are subject to change without notice. Mortgage insurance is required for all FHA loans and conforming loans with a Loan To Value ratio above 80%. Mortgage insurance is not included in the payment quoted which, if required on your loan, will increase your actual payment. The APR (3.451%) shown has been calculated assuming a 740 credit score. Additional costs to obtain this loan include but are not limited to: payment for taxes and insurance due, payment for an appraisal, any amount necessary to establish your escrow account, if applicable, and title fees.
On a purchase transaction with a Conventional 15 year fixed loan, a payment of $1559.27 with an LTV of 70%, and a 3.515% % APR. For all information a loan amount of $220,000 is assumed and a rate of 3.375% is being used. Terms available to qualified applicants only; payment does not include taxes or insurance which, if applicable, will increase your total monthly payment. Rates are subject to change without notice. Mortgage insurance is required for all FHA loans and conforming loans with a Loan To Value ratio above 80%. Mortgage insurance is not included in the payment quoted which, if required on your loan, will increase your actual payment. The APR (3.515%) shown has been calculated assuming a 740 credit score. Additional costs to obtain this loan include but are not limited to: payment for taxes and insurance due, payment for an appraisal, any amount necessary to establish your escrow account, if applicable, and title fees.
On a purchase transaction with a Conventional 20 year fixed loan, a payment of $1333.16 with an LTV of 70%, and a 4.116% % APR. For all information a loan amount of $220,000 is assumed and a rate of 4% is being used. Terms available to qualified applicants only; payment does not include taxes or insurance which, if applicable, will increase your total monthly payment. Rates are subject to change without notice. Mortgage insurance is required for all FHA loans and conforming loans with a Loan To Value ratio above 80%. Mortgage insurance is not included in the payment quoted which, if required on your loan, will increase your actual payment. The APR (4.116%) shown has been calculated assuming a 740 credit score. Additional costs to obtain this loan include but are not limited to: payment for taxes and insurance due, payment for an appraisal, any amount necessary to establish your escrow account, if applicable, and title fees.
On a purchase transaction with a Conventional 30 year fixed loan, a payment of $1066.23 with an LTV of 70%, and a 4.210% % APR. For all information a loan amount of $220,000 is assumed and a rate of 4.125% is being used. Terms available to qualified applicants only; payment does not include taxes or insurance which, if applicable, will increase your total monthly payment. Rates are subject to change without notice. Mortgage insurance is required for all FHA loans and conforming loans with a Loan To Value ratio above 80%. Mortgage insurance is not included in the payment quoted which, if required on your loan, will increase your actual payment. The APR (4.210%) shown has been calculated assuming a 740 credit score. Additional costs to obtain this loan include but are not limited to: payment for taxes and insurance due, payment for an appraisal, any amount necessary to establish your escrow account, if applicable, and title fees.