A 10-Year Mortgage Can Carry a Lower Rate Than a 15-Year
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A 10-year fixed mortgage carried a lower rate than a 15-year loan in FreeRateUpdate’s lender network. On October 8 the best advertised 10-year fixed purchase rate we recorded was 5.625%, about three eighths of a point below the 15-year’s 5.99%.
On refinance loans the 10-year was never the higher rate on any of the 20 days we recorded from September 1 to October 1, and it tied the 15-year on four of them. On October 1 those advertised rates, which aren’t quotes, were 5.75% and 5.875%.
| Date | 10-year | 15-year |
|---|---|---|
| September 1 | 5.125% | 5.125% |
| September 16 | 5.25% | 5.625% |
| September 23 | 5.5% | 5.5% |
| September 30 | 5.625% | 5.99% |
| October 1 | 5.75% | 5.875% |
What the shorter term is worth
Take a $300,000 purchase loan at the October 8 rates, for a buyer who qualifies with the lender, paid on schedule with no refinancing or extra payments. The 10-year’s scheduled interest comes to about $93,000, against $155,000 on the 15-year, about $62,000 less.
Its principal and interest payment, though, comes to about $3,274 a month before points and other charges, against $2,530 on the 15-year, about $744 more, with more points that day, 1.896 against 1.674.
Reviewed by Paige Sutton, NMLS #1888684
Source: FreeRateUpdate As Low As rate history, best advertised rates in our lender network, recorded September 1 to October 8, 2026. Captured data: 10-year purchase · 15-year purchase · 10-year refinance · 15-year refinance.
