Mortgage rates change almost every day, and things like inflation and the state of the economy can affect them. Even though the Federal Reserve doesn't control mortgage rates, they often change because of what the Federal Reserve does with the interest rates. Market forces may affect the range of mortgage rates, but your mortgage rate will depend on where you live, your credit report, and your credit score. As your credit score rises, you have a greater chance of receiving a mortgage with a reduced interest rate.