Mortgage Rates Dip Below 6.5% But Borrowers Still Face Hurdles
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Mortgage rates for 30-year fixed loans fell to 6.500% on January 5, while 15-year fixed rates are at 6.875%. Rates change daily so it's important to shop around.
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Many factors determine mortgage rates, including your credit score, debt-to-income ratio, down payment, loan details, and economic conditions.
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Compare mortgage rates from multiple lenders to find the best deal. Get pre-approved and consider a rate lock.
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Mortgages have pros like predictable payments, tax benefits, and building home equity. But they also have expensive fees, long repayment terms, and potential rate hikes.
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To qualify, you'll need proof of income and assets, a good credit score, manageable debts, and to meet requirements for your desired loan type. Prepare for fees at closing.