Mortgage Rates Hold Steady with Slight Drop for 15-Years

Mortgage rates held steady for 30-year fixed loans at 7.000% on March 25, while 15-year fixed rates dropped to 6.000%. Rates change frequently so it's important to shop around.

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

Comparing rates from multiple lenders can help ensure you get the best deal. Get loan estimates and consider rate locks.

Mortgages have pros like predictable payments, tax benefits, and building home equity. But they also have expensive interest and fees and are a long-term commitment.

To qualify, you’ll need good credit, steady income and employment, and enough money for a down payment. Know your debt-to-income ratio and the property type.