Mortgage Rates Surge to 23-Year High, Demand Plummets

Mortgage rates for 15-year terms have increased by 0.125 percentage points to 6.875%, while rates for 30-year terms remain unchanged at 8.500%. It is advisable to check today's rates before applying for a loan and compare different lenders to secure the best deal. Factors such as credit score, down payment, loan amount, and repayment term determine mortgage rates, which can be fixed or adjustable. 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, income, good credit, and a down payment are typically 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 to consider for lower interest rates, shorter repayment terms, or accessing home equity.