"Federal Reserve's Interest Rate Projections Impact Mortgage Rates for March 2024"

On March 22, 2024, 30-year fixed-rate mortgage interest dropped to 7.000%, while 15-year rates remained at 6.125%. To secure the best rate, it's advised to compare lenders' rates, terms, and fees. Factors influencing mortgage rates include credit score, location, loan type, and economic conditions. Pros of mortgages include predictable payments and potential tax benefits, while cons include high fees and long-term debt. To qualify for a mortgage, steady employment, good credit, and upfront costs are necessary. The process of applying for a mortgage involves choosing a lender, getting pre-approved, submitting an application, and completing the closing process. Refinancing a mortgage can be beneficial for obtaining a lower interest rate, changing the repayment term, or accessing home equity.