Mortgage Rates Hit 6.75%, Marking Large Single-Day Increase Amid Economic Uncertainties
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Mortgage rates rose to 6.750% for 30-year fixed-rate mortgages on January 11th, up 0.260 percentage points from the previous day.
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Many factors determine mortgage rates, including inflation, economic conditions, consumer spending, and Federal Reserve policies. Rates can fluctuate daily.
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It's important to compare rates and loan terms from multiple lenders to find the best mortgage deal. Pre-approval and rate locks can also help.
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Mortgages have pros like predictable payments, tax benefits, and building home equity, but also cons like expensive interest, fees, and long-term debt.
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To qualify for a mortgage, you’ll need proof of income and employment, good credit, knowledge of your debt-to-income ratio, and documents on property type, assets, and debts.