Mortgage Rates Rise Again; 30-Year Loans Hit 6.375%
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Mortgage rates increased today for both 15- and 30-year fixed-rate loans. The 30-year rate is now 6.375% and the 15-year rate is 5.375%.
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Many factors influence daily mortgage rate changes, including inflation, economic factors, consumer spending, and more. It's a good idea to compare rates across multiple lenders.
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To get a mortgage, you'll need good credit, stable income, and meet debt-to-income ratio requirements. Calculate payments with a mortgage calculator.
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Consider pros (predictable payments, tax benefits) and cons (expensive interest, long-term debt) before getting a mortgage.
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To apply, choose a lender and loan type, get pre-approved, submit a formal application with docs, then complete the closing process if approved.