Mortgage Rates Rise to 7.125% for 30-Year Loans, Spurring Calls to Compare Lenders and Lock Rates

Mortgage rates rose today, with the 30-year fixed rate increasing to 7.125% and the 15-year fixed rate rising to 6.125%. Rates change frequently so it's important to check and compare rates before applying for a loan.

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

To find the best rate, compare quotes from multiple lenders and get pre-approved. Consider getting a rate lock to secure the current rate for 30-90 days while house hunting.

Taking out a mortgage can provide stability with fixed monthly payments but requires long-term commitment. Refinancing could lower your rate or monthly payment.

You can use home equity to pay for expenses via a home equity loan or line of credit, allowing you to borrow against the equity while still owning your home.