Mortgage Rates Hold Steady While Housing Market Remains Competitive

Mortgage rates on 30-year and 15-year fixed loans held steady at 7.125% and 6.125% respectively on April 3, 2024. Rates can fluctuate almost daily so it's important to check current rates before applying for a mortgage.

Many factors determine mortgage rates including your credit score, debt-to-income ratio, down payment amount, and the type of mortgage you qualify for. Comparing rates from multiple lenders is key to getting the best deal.

Pros of getting a mortgage include predictable payments, potential tax benefits, ability to build home equity, and a credit score boost. Cons include expensive interest and fees, long repayment terms, and potential rate increases.

To qualify for a mortgage, you typically need steady income/employment, a good credit score, manageable debts, and enough money for a down payment. Requirements vary by loan type.

Refinancing lets you trade your current mortgage for a new one, often to get a better rate or terms. Tapping home equity via a loan or line of credit lets you access your equity for various uses.