Mortgage Rates Tick Up for 30-Year Loans, Steady for 15-Year

Mortgage rates rose for 30-year fixed loans but held steady for 15-year fixed loans this past week. The 30-year rate is now 8.375% and the 15-year rate is 7.625%.

Many factors affect mortgage rates, including your credit score, debt-to-income ratio, down payment amount, and the lender you choose. It's important to shop around.

To qualify for a mortgage, you'll need steady income, a good credit score, and a debt-to-income ratio within lender limits. Know the home type and prepare for fees.

To apply, choose a lender, get pre-approved, submit a formal application, and complete the closing process if approved. Refinancing follows a similar process.

Pros of a mortgage include predictable payments, tax benefits, building home equity, and boosting your credit score. Cons include expensive interest and fees.