Mortgage Rates Hold Steady But Borrowers Should Still Shop Around for the Best Deals
-
Mortgage rates held steady at 6.625% for 30-year fixed-rate loans on February 26th, unchanged from the previous Friday. Rates can fluctuate daily so it's important to compare lenders.
-
Many factors determine mortgage rates, including your credit score, debt-to-income ratio, down payment amount, and the economic climate. Rates are generally lowest for borrowers seen as "low risk."
-
To get a good rate, compare multiple lender quotes, get pre-approved, consider a rate lock, and use a mortgage calculator to estimate payments. Adjustable rate mortgages come with lower initial rates but a risk of increases.
-
Benefits of a mortgage include predictable payments, tax benefits, building home equity as you pay it down, and a credit score boost. Downsides include expensive interest and fees, long-term debt, and potential rate hikes.
-
Basic steps to qualify include having steady income, knowing your credit score and debt-to-income ratio, preparing for fees and down payment costs, and choosing the right loan type. Refinancing can help lower your rate or payment.