The current political climate has made many people feel uncertain about their futures. While interest rates are at an all-time low, they are not likely to remain this low forever. It is easy to become complacent and assume they will benefit borrowers and not savers for the foreseeable future, but no one can be sure. This is just one of the reasons why looking at a 10-year fixed-rate deal on your mortgage could be a smart idea. One body of research has found average rates on a 10-year fixed deal have dropped from 3.36% to just 2.98% in the past year. This opens the way for thousands of pounds to be saved from the cost of a mortgage with these deals â€“ but only if borrowers act now. How much could the average homeowner save on one of these deals? Falling rates over the past year have cut around Â£3,500 off the total mortgage cost of the average property over the same period. This represents a significant saving. It also means homeowners who donâ€™t have a fixed-rate deal, or those on more expensive 10-year deals should look at switching to a cheaper offer now. How long will 10-year rates remain this low? The signs are they may be reaching the best rates weâ€™ll see. Moneyfacts has indicated the all-time low seen in November last year is already behind us, with higher rates now coming into play. This means homeowners looking to save money with a long-term deal should look now to ensure they get one of the best available rates at present. Why opt for a long-term fixed-rate deal when interest rates for short-term deals are even lower? Currently, a two-year deal on a 10% deposit is available for 1.99% at HSBC. Secure a 10-year deal with the same bank and you would get a 2.39% interest rate, assuming the same size deposit. However, while the two-year deal has the lower interest rate, no one knows what may happen over the next two or more years. If interest rates did start to increase, this could leave homeowners with fewer options to find a cheaper mortgage deal by the time their current fixed-rate deal comes to an end. At a time when political and economic uncertainty is rife, securing a good deal for 10 years protects homeowners against many potential events that could push interest rates up. When considering switching to a better deal, youâ€™ll get better offers the bigger your deposit is. Check the fees involved as well â€“ the lower these are, the better the deal is likely to be. Fees can affect the overall deal, so make sure you do your sums, and compare mortgages like-for-like where you can. Suffice to say, a 10-year fixed-rate deal can save homeowners a significant sum. The best advice would be to swap now if you are paying over the odds, because banks and building societies may soon start raising their rates across the board.