What factors impact the interest rate on a mortgage?

Several factors can impact the interest rate on a mortgage, including:

1. Credit score: Borrowers with higher credit scores are generally offered lower interest rates.

2. Loantovalue (LTV) ratio: Lenders may offer lower interest rates for borrowers who make larger down payments and have a lower loantovalue ratio.

3. Debttoincome (DTI) ratio: Lenders may offer lower interest rates to borrowers with a lower debttoincome ratio, which shows that the borrower has enough income to comfortably manage their debt.

4. Loan term: Generally, shorter loan terms (e.g., 15 years) have lower interest rates than longer loan terms (e.g., 30 years).

5. Market conditions: Interest rates can fluctuate based on market conditions, such as inflation rates, economic growth, and government policies.

It's important to note that the specific interest rate offered to a borrower will depend on their individual financial situation and the lender's underwriting criteria.