Mortgage Rates Hold Steady Today But Vary Based on Borrower Profile; Shopping Around Still Critical

Mortgage rates held steady today, with the 30-year fixed rate at 7.000% and the 15-year fixed rate at 6.000%. Rates can fluctuate almost daily.

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

It's important to shop around and compare rates and fees from multiple lenders to find the best deal. Getting pre-approved can also give you an idea of the rate you may qualify for.

Fixed-rate mortgages have consistent monthly payments, while adjustable-rate mortgages carry some risk of increasing payments if rates go up. Consider the pros and cons.

If you need to access home equity, two options are home equity loans (lump sum) and home equity lines of credit (revolving credit). Both allow you to borrow against equity.