Mortgage Rates Drop Again - Tips for Getting the Best Deal on a Home Loan

Mortgage rates for 15- and 30-year fixed-rate loans fell today, with the 30-year rate dropping to 7.875% and the 15-year rate to 7.5%. Rates change daily so compare lenders.

Many factors affect mortgage rates, including your credit score, debt, income, loan amount, and economic conditions like inflation. Compare rates from multiple lenders.

To get a mortgage, you'll need good credit, stable income, assets, and a down payment. Know your debt-to-income ratio. Apply with a lender.

Mortgages have pros like predictable payments and tax benefits but also cons like expensive interest and long-term debt.

You can apply to refinance your mortgage to get a lower rate or shorter term. The process is similar to getting a new mortgage.