Mortgage Rates Hold Steady While Borrowers Encouraged to Shop Around

Mortgage rates on 15- and 30-year fixed loans held steady at 6.500% and 7.375% respectively on April 12, 2024. Rates can fluctuate almost daily based on economic factors.

Many things determine mortgage rates, including your credit score, debt-to-income ratio, down payment amount, and the lender you choose.

It's important to shop around and compare rates and fees from multiple lenders to find the best deal on a mortgage or refinance.

If you need to access your home's equity, you have two main options a home equity loan (fixed interest rate and payment) or a HELOC (variable interest rate and payment).

Closing costs are fees paid when finalizing a mortgage, such as appraisal fees, application fees and origination fees. Ask lenders if they offer any closing cost credits.