Mortgage Rates Hold Steady But Vary By Lender; Tips To Get The Best Rate And Qualify

Mortgage rates on 30-year fixed-rate loans remained steady at 6.375% on March 12, 2024. Rates can fluctuate daily, so it's important to compare lenders.

Many factors determine mortgage rates, including your credit score, debt-to-income ratio, down payment amount, and the economic climate. Rates also differ between fixed-rate and adjustable-rate mortgages.

To get the best rate, compare multiple lender quotes, get pre-approved, consider a rate lock, and calculate payments with a mortgage calculator. Understand the pros and cons of different mortgage types.

To qualify, you’ll likely need good credit, steady income and employment, assets, and a debt-to-income ratio below a certain threshold. Save for closing costs and know the different mortgage loan types.

Refinancing trades your current mortgage for a new one, often to get a better rate or term. The application process is similar to getting a new purchase loan.