Mortgage Rates Drop Slightly While Borrowers Urged to Compare Lenders for Best Deals

Mortgage rates change frequently, with 30-year fixed rates dropping to 7.125% on March 21, 2024 while 15-year fixed rates held steady at 6.125%.

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

Compare mortgage rates from multiple lenders to find the best deal, and get pre-approved to see rates you may qualify for without affecting your credit score.

Fixed-rate mortgages have consistent monthly payments, while adjustable-rate mortgages carry some risk of increasing payments if rates rise.

Refinancing can allow you to get a lower rate, shorten your repayment term, remove private mortgage insurance, or access home equity through a cash-out refinance.