Mortgage Rates Dip to 6.375% But Vary Widely Based on Borrower Profile

Mortgage rates for 30-year fixed loans dropped to 6.375% on March 11, 2024, down 0.125 percentage points from the previous Friday. Rates fluctuate often so it pays to shop around.

Many factors determine mortgage rates, including your credit score, debt-to-income ratio, down payment amount, home price, and loan term. Rates also depend on broader economic conditions.

Compare rates from multiple lenders to find the best deal. Get pre-approved to discover what rates you may qualify for. Consider a rate lock to secure a low rate as you house hunt.

Mortgages offer predictable payments and tax benefits but require long-term commitment. Closing costs and interest can be expensive.

To qualify, you’ll need good credit, steady income and employment, manageable debts, enough cash for a down payment, and to choose the right loan type for your situation.