Mortgage Rates Rise to 6.625% While Refinancing Remains an Option for Homeowners

Mortgage rates rose today for 30-year fixed-rate loans, going up 0.375 percentage points to 6.625%. Rates can fluctuate almost daily based on economic factors.

Many things determine mortgage rates, including your credit score, debt-to-income ratio, down payment amount, and the lender you choose. It's important to shop around.

There are pros and cons to getting a mortgage. Benefits include predictable payments, tax deductions, and building home equity. Downsides include expensive interest and fees.

To qualify for a mortgage, you'll need proof of income and assets, a good credit score, and to meet debt-to-income ratio requirements. Know the property type and prepare for costs.

Refinancing lets you get a new loan with hopefully better terms. Steps include choosing a loan type and lender, applying, and going through the closing process.