Mortgage Rates Rise for 15- and 30-Year Loans; Compare Options Before Applying
-
Mortgage rates rose today for both 15- and 30-year fixed-rate loans. The 30-year rate is now 8.625%, up 0.250 percentage points. The 15-year rate rose to 7.000%, up 0.125 points.
-
Many factors influence daily mortgage rate changes, including inflation, economic climate, and consumer demand. It's wise to compare rates across multiple lenders before applying.
-
Lower credit score, income, and down payment generally mean higher mortgage rates for borrowers. Fixed vs adjustable rates carry different risks and benefits.
-
Steps to qualify for a mortgage include steady income, good credit score, managing debt-to-income ratio, sufficient assets, choosing loan type.
-
Refinancing a mortgage involves getting a new loan to replace your current one, often to get a lower rate or switch to a different term length.