Mortgage rates decline, but demand falters

Mortgage rates for 15- and 30-year terms have fallen by 0.250 percentage points, with the interest rate on a 30-year fixed-rate mortgage at 6.375% and the interest rate on a 15-year fixed-rate mortgage at 5.375%. It is recommended to check today's rates 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 for obtaining a lower interest rate, shorter repayment term, or cash-out for home improvement or debt consolidation.