Mortgage Rates Hold Steady, Consider Shopping Around for Best Deals
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Mortgage rates on 15- and 30-year fixed-rate loans remain unchanged from yesterday at 7.625% and 7.875% respectively. Rates change daily so shop around.
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Many factors determine mortgage rates like credit score, debt, income, loan amount, etc. Fixed rates stay the same while adjustable rates can fluctuate.
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Compare mortgage rates between lenders by getting multiple loan estimates and pre-approvals. Consider rate locks and loan types too.
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Pros of mortgages include predictable payments, tax benefits, building home equity. Cons are expensive interest, long-term debt, potential rate hikes.
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To qualify, have steady income/employment, know your credit score and debt-to-income ratio, research property and loan types, save for fees.