Mortgage Rates Hold Steady for 30-Year Loans, Tick Up for 15-Year Loans

Mortgage rates held steady for 30-year fixed loans at 7.125% but rose to 6.375% for 15-year fixed loans on April 9th. Rates fluctuate daily so it's important to check current rates before applying for a mortgage.

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 is key to getting the best deal.

Taking out a mortgage allows you to borrow money to purchase a home. You'll pay interest on the amount borrowed and make monthly payments over a repayment term, usually 10-30 years.

Mortgages have pros like predictable payments, tax benefits, building home equity, and a potential credit score boost. Cons include expensive interest and fees, long-term debt, and potential rate increases.

To qualify for a mortgage, you'll need steady income and employment, assets to verify, a solid credit score, and the ability to pay any required down payment and closing costs.