"Mortgage Rate Trends: Mixed Movements for 15- and 30-Year Terms as Experts Weigh in on 2024 Predictions"

Mortgage rates have risen for both 15-year and 30-year fixed-rate loans, with the 30-year rate now at 6.375% and the 15-year rate at 5.375%. It's crucial for potential borrowers to check current rates and compare offers from different lenders to secure the best deal. Factors influencing individual mortgage rates include credit score, debt-to-income ratio, down payment, and loan amount. Fixed-rate mortgages offer predictable payments, while adjustable-rate mortgages may start with lower rates that can change over time. To qualify for a mortgage, applicants need to demonstrate steady income, good credit, and meet specific loan requirements.