Mortgage Rates Hold Steady as Experts Advise Comparing Lenders for Best Deals

Mortgage rates on 15- and 30-year fixed loans have held steady at 7.00% and 5.750% respectively as of February 22, 2024. Rates can fluctuate almost daily.

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

To get the best rate, compare multiple lender quotes, get pre-approved, and consider rate locks and fixed vs adjustable loans. Using tools like Credible can simplify the process.

Mortgages offer benefits like predictable payments, tax deductions, and home equity, but also have expensive interest, fees, and long repayment terms.

To qualify, you’ll need good credit, stable income and employment, manageable debts, enough cash for a down payment, and to understand loan types. The application involves choosing a lender and submitting documents.