Mortgage Rates Hold Steady But Vary By Lender; Qualifying Requires Good Credit, Income, Down Payment
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Mortgage rates fluctuate daily but have remained steady recently, with 30-year fixed rates at 8.625% and 15-year rates at 7.000% as of October 20.
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Many factors influence mortgage rates, including economic conditions, inflation, demand, credit score, down payment, and more. It's important to compare rates across multiple lenders.
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The mortgage rate determination process is lender-specific but generally based on the borrower's creditworthiness and financial profile. Lower risk borrowers get better rates.
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Mortgages have pros like predictable payments, tax benefits, and credit building but also cons like expensive fees, long-term debt, and potential rate hikes.
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To qualify for a mortgage, you'll need good credit, stable income, manageable debts, and enough for a down payment. The application process involves choosing a lender, getting pre-approved, and providing documents.