Mortgage Rates Hold Steady But Vary; Tips To Get Best Rate and Qualify

Mortgage rates on 15- and 30-year fixed loans have held steady at 6.500% and 7.375% respectively as of April 15, 2024. Rates can fluctuate almost daily based on economic conditions.

Many factors determine mortgage rates, including your credit score, debt-to-income ratio, down payment amount, and the lender you choose. Comparing rates across multiple lenders is important.

Pros of getting a mortgage include predictable payments, potential tax benefits, building home equity, and a credit score boost with on-time payments. Cons include expensive interest and fees, long repayment terms, and potential rate increases.

To qualify for a mortgage, you’ll need steady income and employment, assets to cover any down payment, a solid credit score, and to choose the right loan type for your situation.

Once approved, you'll complete the closing process by reviewing disclosures, paying any down payment and fees, and signing the final loan documents.