The following are factors that determine your mortgage interest rate 

 Credit scores: Consumers with higher credit scores receive lower interest rates.

 Home location: Many lenders offer slightly different interest rates depending on what state you live in.

Home price and loan amount: Homebuyers can pay higher interest rates on loans that are particularly small or large.

 Down payment: A larger down payment means a lower interest rate.

Loan term: Shorter term loans have lower interest rates and lower overall costs.

 Interest rate type: Fixed interest rates don’t change over time, while adjustable rates may have an initial fixed period, after which they go up or down each period based on the market.

Loan type: Rates can be significantly different depending on what loan type you choose.