Mortgage Rates Hold Steady But Vary Based on Personal Finance Factors

Mortgage rates on 30-year and 15-year fixed-rate loans held steady on April 1 at 7.000% and 6.000%, respectively. Rates can fluctuate almost daily based on economic factors.

Many elements determine mortgage rates, including your credit score, debt-to-income ratio, down payment amount, and the loan term. Rates also depend on broader economic conditions.

To find the best rate, compare quotes from multiple lenders and get pre-approved. Consider both fixed- and adjustable-rate mortgages. Use a mortgage calculator to estimate payments.

Taking out a mortgage has pros like predictable payments, tax benefits, and building home equity. But there are also expensive fees, long repayment terms, and potential rate jumps.

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.