The posted rate is just a benchmark. Your actual mortgage interest rate is determined by your credit score, unique financial situation, and market conditions. The higher your credit score, the better your mortgage interest rate will be. The amount of debt you have compared to your income will also impact your rate. The lender will also take into account the property price and the size of your down payment. The larger your down payment, the lower your mortgage interest rate will be. Conventional mortgages, where the borrower provided at least a 20% down payment, often get a better rate than high-ratio mortgages with down payments less than 20%. Open mortgages with no pre-payment penalty typically have significantly higher rates than closed mortgages. And fixed interest rates are historically higher than variable interest rates.