Mortgage Rates Rise to 6.875%, Shop Around for Best Deals Before Taking Out Loans
-
Mortgage rates for 30-year fixed loans rose to 6.875% on March 1, an increase of 0.250 percentage points from the previous day. Rates fluctuate often so it's important to shop around.
-
Many factors determine mortgage rates, including your credit score, debt-to-income ratio, down payment amount, home price, and loan term. Rates also vary by lender.
-
Compare rates from multiple lenders to find the best deal. Get pre-approved to see potential rates and use a mortgage calculator to estimate payments.
-
Consider pros (predictable payments, tax benefits) and cons (expensive interest, long-term debt) before getting a mortgage. Meet qualification requirements like income, assets, credit score.
-
To apply, choose a lender and loan type, get pre-approved, submit a formal application with documents, then complete the closing process if approved. Refinancing can potentially lower your rate.