Mortgage Rates Dip Below 6.5% But Requirements Remain Strict
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Mortgage rates for 30-year fixed loans dropped to 6.500% on March 8, down 0.125 percentage points from the previous day. Rates fluctuate often 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, home price, and loan term. Economic conditions also impact rates.
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Compare rates from multiple lenders to find the best deal. Getting pre-approved can give you an idea of the rate you may qualify for.
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Pros of getting a mortgage include predictable payments, tax benefits, building home equity, and boosting your credit score. Cons include expensive interest and fees.
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To qualify, you'll need good credit, steady income and employment, assets to cover fees, and a debt-to-income ratio below a lender's threshold. Meet these and provide documents to apply.