Mortgage Rates Hold Steady for 30-Year Loans but Fall for 15-Year Loans; Experts Advise Comparing Lenders and Knowing Qualifications
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Mortgage rates held steady for 30-year fixed rates at 8.375% but fell for 15-year fixed rates to 6.750% as of October 31. Rates change daily so it's important to compare lenders.
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Many factors determine mortgage rates like credit score, debt, income, loan amount, and economic conditions. Fixed rates stay the same while adjustable rates can fluctuate.
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Compare mortgage rates by getting multiple loan estimates, shopping lenders, getting pre-approved, considering rate locks, and using a mortgage calculator.
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Pros of a mortgage are predictable payments, tax benefits, building home equity. Cons are expensive interest, long-term debt, potential rate hikes.
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To qualify, have steady income/job, know your credit/DTI, provide financial docs, choose loan type, and pay costs. Apply with a lender and provide requested info.