Mortgage rates fluctuate: 15-year terms drop, 30-year terms rise

Mortgage rates for 15-year terms have fallen by 0.500 percentage points, while rates for 30-year terms have risen by 0.125 percentage points. It is important to compare different lenders' rates, terms, and fees to ensure the best deal. Mortgage rates are determined by factors such as credit score, down payment, loan amount, and repayment term. Fixed-rate mortgages have a consistent rate throughout the loan term, while adjustable-rate mortgages can fluctuate with the market. To qualify for a mortgage, steady employment, income, and a good credit score are typically required. Refinancing allows borrowers to trade their current loan for a new one with a lower interest rate or different terms.