Mortgage Rates Drop to 6.49%, Shop Around for Best Deal
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Mortgage rates for 30-year fixed loans dropped to 6.490% on March 6th, a 0.385 percentage point decrease from the previous day. Rates frequently change, so it pays to shop around.
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Many factors determine mortgage rates, including your credit score, debt-to-income ratio, down payment amount, and the economic climate. Rates also differ between lenders.
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Compare rates from multiple lenders to find the best deal. Getting pre-approved and considering a rate lock can also help you find a good rate.
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Mortgages have pros like predictable payments, tax benefits, building home equity, and boosting your credit score. But they also have expensive fees, interest, and long repayment terms.
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To qualify for a mortgage, you'll need proof of income and employment, know your credit score and debt-to-income ratio, prepare for fees, and complete an application.