Mortgage Rates Dip While 15-Year Loans Stall Out - Tips for Securing the Best Home Loan

Mortgage rates for 30-year terms fell 0.375% while 15-year rates remained unchanged. Rates fluctuate often so compare lenders for the best deals.

Many factors like your credit score and down payment amount determine your mortgage rate. Fixed rates stay the same while adjustable rates can fluctuate.

Compare mortgage rates from multiple lenders. Get pre-approved. Consider rate locks and different loan types. Use a mortgage calculator.

Pros of a mortgage include predictable payments, tax benefits, building home equity. Cons include expensive interest and fees, long-term debt, potential rate hikes.

To qualify, have steady income/employment, know your credit score and debt-to-income ratio, review assets, choose a loan type. Apply with a lender, provide documents, complete closing.