Mortgage Rates Tick Upwards While 15-Year Loans Hold Steady
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Mortgage rates rose today for 30-year fixed-rate loans, increasing to 7.375% from yesterday's rate of 7.125%. Rates for 15-year fixed loans remained unchanged at 6.125%.
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Many factors influence daily mortgage rate fluctuations, including inflation, economic conditions, demand, inventory, and Federal Reserve policies.
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Comparing mortgage rates from multiple lenders can help ensure you get the best deal. Credible lets you compare personalized rates from several lenders at once.
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Fixed-rate mortgages offer consistent monthly payments, while adjustable-rate mortgages come with variable rates that could increase over time.
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When applying for a mortgage, shop around, get pre-approved, choose your loan type carefully, and prepare for fees like a down payment and closing costs.