Mortgage Rates Rise to 7.375% for 30-Year Loans, Hitting New Highs

Mortgage rates rose on April 11, with the 30-year fixed rate increasing to 7.375% and the 15-year fixed rate rising to 6.500%. Rates change daily so it's important to check current rates before applying for a loan.

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

Taking out a mortgage allows you to borrow money to purchase a home. You'll pay interest on the amount borrowed and make monthly payments over a repayment term, usually 10-30 years.

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

To qualify for a mortgage, you'll need steady income and employment, assets to review, a reasonable debt-to-income ratio, good credit, and funds to cover a down payment and closing costs.