Mortgage Rates Hold Steady But Comparison Shopping Still Key for Best Terms

Mortgage rates held steady today for both 15- and 30-year fixed-rate loans at 6.125% and 7.375% respectively. Rates can fluctuate almost daily based on economic factors.

It's important to compare rates across multiple lenders to find the best deal. Look at interest rates, terms, fees, and other factors when comparing offers.

Many things can determine your mortgage rate, including your credit score, debt-to-income ratio, down payment amount, and the lender you choose.

There are pros and cons to getting a mortgage. Benefits include predictable payments, tax deductions, and building home equity. Downsides include expensive interest and fees.

To qualify for a mortgage, you'll need proof of steady income and employment, a review of your assets, a check of your credit score, and knowledge of your debt-to-income ratio.