Mortgage rates for second homes are generally higher than for primary residences due to increased lender risk. As of February 2025, the average rate for a fixed 30-year mortgage is 6.51%, down 20 basis points from the previous month. Factors influencing these rates include market trends, borrower credit profiles, and property location. To secure favorable rates, potential buyers should improve their credit scores, shop around for lenders, and consider different loan options. A minimum down payment of 10% is typically required, with higher rates for those with lower credit scores.
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