Mortgage Rates Hold Steady for 30-Year Loans, Tick Down for 15-Year Loans
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Mortgage rates held steady for 30-year fixed rates at 8.375% but edged down to 6.8750% for 15-year fixed rates on October 25. Rates change daily so shop around.
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Many factors affect mortgage rates like your credit score, debt-to-income ratio, down payment amount, loan term, type, and lender. Compare rates across multiple lenders.
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Getting pre-approved and locking in a rate can help ensure you get the lowest possible rate while house hunting. Consider fixed vs adjustable rates.
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To qualify, you’ll need good credit, stable income and employment, assets, and a down payment. Know your debt-to-income ratio. Compare loan types.
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To apply, choose a lender, get pre-approved, submit a formal application, provide documentation, then complete the closing process if approved. Refinancing follows a similar process.