Mortgage Rates Hold Steady, But Borrowers Should Still Shop Around
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Mortgage rates held steady yesterday, with the 30-year fixed rate at 6.375% and the 15-year fixed rate at 5.375%. Rates change daily so it's important to compare lenders.
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Many factors determine mortgage rates, including your credit score, debt-to-income ratio, down payment, loan amount, and more. Rates are generally lower for borrowers seen as lower risk.
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Compare mortgage rates by shopping around, getting multiple loan estimates, and using calculators. Also consider rate locks and fixed vs adjustable rates.
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Mortgages have pros like predictable payments and tax benefits, but also cons like expensive interest and long-term debt.
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To qualify for a mortgage, you’ll likely need good credit, steady income, manageable debts, enough savings for a down payment, and to choose the right loan type.