What Are 10 Year Fixed Mortgage Rates?
The “10” in a 10-year mortgage term is the amount of time you lock your current interest rate and does not correspond to the amortization period. In this case, it means that at the end of ten years you will have to renew or refinance your mortgage with another rate available at the time.
Having a 10-year fixed-rate mortgage is a contract with your lender. If you break the terms before their end, there will be hefty penalty fees.