Mortgage Rates Hold Steady as Experts Advise Comparing Lenders and Getting Pre-Approved

Mortgage rates on both 15-year and 30-year fixed loans held steady at 6.125% and 7.000% respectively on March 27, 2024. Rates can fluctuate almost daily based on economic factors.

Many personal financial factors determine what mortgage rate an individual can qualify for, including credit score, debt-to-income ratio, down payment amount, and more.

Comparing rates from multiple lenders is important to find the best rate. Getting pre-approved and rate locks can also help secure a good rate.

There are pros and cons to getting a mortgage, including predictable payments but expensive interest charges over the long term.

Steps to qualify for and apply for mortgage include choosing a lender, getting pre-approved, formally applying, awaiting decision and providing more documentation if needed, then proceeding to closing.