Mortgage Rates Steady But Vary by Lender; Shopping Around Still Advised
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Mortgage rates for 15- and 30-year fixed-rate loans remained unchanged at 5.750% and 6.375% respectively on December 15. Rates can change daily so it's important to compare lenders.
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Many factors determine mortgage rates including credit score, debt-to-income ratio, down payment amount, loan term, type, and economic conditions. Rates are generally lower for borrowers seen as lower risk.
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Comparing mortgage rates from multiple lenders can save thousands over the loan term. Get quotes and loan estimates from several lenders. Pre-approval and rate locks also help ensure the best rate.
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Mortgages have pros like predictable payments, tax benefits, building home equity, and boosting credit scores. But they also have expensive interest, fees, and long repayment terms.
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To qualify, you'll need good credit, steady income and employment, assets, a down payment, and to meet debt-to-income ratio requirements. Gather documents and choose the right loan type.