Mortgage Rates Drop to 6.625%, Offering Relief for Homebuyers
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Mortgage rates for 30-year fixed loans dropped to 6.625% on February 22nd, a 0.375 percentage point decrease from the previous day. Rates fluctuate frequently so it pays to shop around.
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Many factors determine mortgage rates, including your credit score, debt-to-income ratio, down payment amount, home price, and general economic conditions.
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Compare rates from multiple lenders to find the best deal. Getting pre-approved can also give you a better sense of the rate you may qualify for.
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Fixed-rate mortgages offer consistent monthly payments, while adjustable-rate mortgages carry some risk of increasing payments if rates go up.
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To get a mortgage, you'll need steady income and employment, good credit, and money for a down payment. Prepare for closing costs too.