Mixed Mortgage Rates: 15-Year Terms Fall, 30-Year Terms Rise

Mortgage rates for 15-year terms have fallen while rates for 30-year terms have risen. It is important to compare different lenders' current interest rates, terms, and fees to ensure the best deal. Mortgage rates are determined by factors such as credit score, down payment, loan amount, and repayment term. Fixed-rate mortgages have a consistent interest rate, while adjustable-rate mortgages can fluctuate with the market. To qualify for a mortgage, steady employment, income, and a good credit score are typically required. Refinancing a mortgage allows borrowers to trade their current loan for a new one with different terms.