?? What Affects Your Mortgage Rate? ??

Mortgage rates aren't one-size-fits-all; they’re determined by various personal and economic factors. Lenders typically offer the lowest rates to low-risk borrowers—those with high credit scores, strong incomes, and sizable down payments.

Other key factors include:

• Home location and price
• Loan type and term
• Interest rate type (fixed or adjustable)
• Loan-to-value (LTV) and debt-to-income (DTI) ratios

Economic influences like inflation, market conditions, and Federal Reserve policies also play a role. Understanding these can help you secure the best possible rate.