Mortgage Rates Fluctuate: 30-year terms decrease, 15-year terms increase

Mortgage rates for 30-year fixed-rate terms have decreased by 0.125 percentage points, while rates for 15-year fixed-rate terms have increased by the same amount. It is advisable to check current rates and compare offers from different lenders before applying for a loan. Factors that determine mortgage rates include credit score, loan amount, down payment, and repayment term. Pros of mortgages include predictable monthly payments and potential tax benefits, while cons include expensive fees and potential rate changes. To qualify for a mortgage, steady employment, good credit, and a down payment may be required. The application process involves choosing a lender, getting pre-approved, submitting an application, and completing the closing process. Refinancing a mortgage is an option for those seeking lower interest rates or different terms.