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Individual lenders typically determine mortgage rates on a case-by-case basis. It is common practice for lenders offer the lowest rates to borrowers with a higher income, credit scores, and down payment amount. Your mortgage rate may also depend on several other personal factors, including:

  • The location and price of the home,
  • Loan term,
  • Loan type,
  • Interest rate type,
  • Down payment amount,
  • Loan-to-value ratio,
  • and Debt-to-Income.

Other indirect factors that may influence your mortgage rate include:

  • Current economic conditions,
  • Rate of inflation,
  • Market conditions,
  • Housing construction supply,
  • Demand, and costs,
  • Consumer spending,
  • Stock market,
  • 10-year Treasury yields,
  • Federal Reserve policies,
  • and current employment rate.