There are seven factors that impact the 15-year mortgage rate you’re offered, including:
Your credit score. A higher score typically gets you a lower rate.
Your down payment. Extra down payments often lead to lower rates.
Your loan amount. Smaller loan amounts typically come with higher rates.
Your home’s location. Lenders offer different rates in different states.
Your plans to live in the home. The lowest rates usually go to a primary residence. You’ll pay more for a second home or rental property interest rate.
Your cash available to pay points. If you have extra money to pay mortgage points, you can buy a lower rate.
The economy. A strong or weak economy, along with Federal Reserve policies, inflation and bond yields may cause gyrations in the interest rate market.