It’s a common question: What are today’s interest rates? Alas, the question is easier posed than answered, as interest rates vary significantly according to many factors.

What goes into the interest rate you will receive on your mortgage? The Consumer Financial Protection Bureau (CFPB) cites these 7 elements:

Your credit score: Generally, the better your score, the lower your interest rate, as lenders know high scorers are reliable in paying off their debts.

The location of your home: Interest rates vary according to the state you live in.

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

Down payment: Usually, the larger the down payment, the lower the interest rate, because the “more stake you have in the property,” the less of a risk you seem to lenders.

Loan term: Shorter-term mortgages are likely to come with lower interest rates than longer-term mortgages.

Interest rate type: Fixed rates can vary from adjustable rates. Also, if you choose the latter, the loan is likely to be lower in the beginning, but can balloon in later years.Loan type: Rates vary significantly depending on the type of loan you choose. For example, you might secure a conventional, FHA, or VA loan, all with different eligibility requirements and rates.

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