Mortgage rates fluctuate, but applications surge as rates drop

Mortgage rates for 15-year terms have fallen by 0.875 percentage points, while rates for 30-year terms remain unchanged. It is advisable to check current rates and compare offers from different lenders before applying for a loan. Factors such as credit score, income, down payment, and loan type can influence the mortgage rate. Pros of mortgages include predictable monthly payments and potential tax benefits, while cons include high fees and long-term debt. To qualify for a mortgage, steady employment, a good credit score, 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 can be done to obtain a lower interest rate, change the rate type, or access equity.