Mortgage Rates Hold Steady But Vary Based on Borrower Profile and Economic Factors

Mortgage rates on 15- and 30-year loans have held steady at 7.125% and 6.125% respectively as of April 4, 2024. Rates can fluctuate almost daily based on economic factors.

Many personal and economic factors determine mortgage rates, including credit score, debt-to-income ratio, down payment amount, and inflation. Rates are generally lower for borrowers with good credit.

It's important to compare rates and loan terms from multiple lenders to find the best deal. Getting pre-approved can also give you an idea of the rate you may qualify for.

Fixed-rate mortgages have consistent monthly payments, while adjustable-rate mortgages carry some risk of increasing payments if rates rise. Each have tradeoffs to consider.

Refinancing can allow you to get a lower rate, change loan terms, or tap home equity, but closing costs apply. Review your goals carefully when considering refinancing.