Mortgage Rates Rise to 7.5% for 30-Year Loans, Shop Around for Best Terms

Mortgage rates rose today, with 30-year fixed rates increasing to 7.500% and 15-year rates rising to 6.625%. Rates change frequently so it's important to shop around and compare lenders.

Many factors determine mortgage rates, including your credit score, debt-to-income ratio, down payment amount, and the economic climate. Higher inflation typically leads to higher rates.

You can compare mortgage rates by shopping around, getting multiple loan estimates, getting pre-approved, considering a rate lock, and calculating payments with a mortgage calculator.

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

To qualify for a mortgage, you’ll need steady income and employment, assets, a good credit score, a down payment, and to choose the right loan type for your situation.