Mortgage Rates Hold Steady But Borrowers Still Need to Shop Around
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Mortgage rates held steady at 6.625% for 30-year fixed-rate loans on February 27, 2024. Rates can fluctuate 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 details, and broader economic conditions.
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Compare mortgage rates across multiple lenders by getting several loan estimates, using online tools, and determining if rate locks make sense.
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Mortgages have pros like predictable payments, tax benefits, building home equity, and boosting your credit score, but also cons like expensive fees/interest and long-term debt.
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To qualify for a mortgage, you’ll likely need steady income, good credit, assets, a reasonable debt-to-income ratio, and funds for a down payment and closing costs.