Mortgage Rates Rise to 6.750%, Shop Around for the Best Deal
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Mortgage rates for 30-year fixed loans increased to 6.750% on January 4th, up 0.375 percentage points from the previous day. Rates change frequently so it's important to shop around.
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Many factors determine mortgage rates, including your credit score, debt-to-income ratio, down payment amount, home price, and loan term. Rates are generally lower for borrowers with good credit and finances.
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Comparing mortgage rates from multiple lenders is key to getting the best deal. Get rate quotes and loan estimates from several lenders. Consider using a mortgage calculator.
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Mortgages have pros like predictable payments, tax benefits, building home equity. But they also have 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, manageable debts, enough cash for a down payment. Requirements vary by loan type.