The interest rate for this loan will stay the same for the entire term of the loan. The term for this loan is 10 years. The interest rate is generally less then that of a 15-year loan but not always. Some 10-year fixed rate loans are paid in full in 10 years. The payment on this type of 10 year fixed is much larger and harder to qualify for. The borrower will pay much less interest on this loan because of the short term.