Mortgage Rates Little Changed; Qualifying Still Challenging But Loans Offer Benefits

Mortgage rates held steady for 30-year fixed rates at 7.125% and fell slightly for 15-year fixed rates to 6.000% on April 5, 2024. Rates can change daily so it's important to check current rates before applying for a loan.

Many factors determine mortgage rates including your credit score, debt-to-income ratio, down payment amount, and the lender you choose. Comparing multiple lender rates and fees is key to getting the best deal.

Pros of getting a mortgage include predictable payments, potential tax benefits, building home equity, and a credit score boost. Cons include expensive interest and fees, long repayment terms, and potential rate increases.

To qualify for a mortgage, you typically need steady income and employment, assets to review, a good debt-to-income ratio, a minimum credit score based on the loan type, and money for a down payment and closing costs.

Refinancing or tapping into home equity through products like home equity loans or HELOCs allow you to access your home’s value for things like debt consolidation or home improvements.