Want to know why mortgage interest rates change, why they vary from lender to lender, and what goes into a mortgage quote? Mortgage rates are influenced by ten factors and can change constantly. These factors are:

You can’t do much about the global economy or the state in which you buy your home -- but you do have control over your credit rating, your down payment and how much you choose to borrow. And while you don’t influence the policies of mortgage lenders, you can choose which ones you prefer to do business with. Understanding how these ten factors affect the mortgage rates you’re offered can help you get a better deal. Individual mortgage lenders handle this collection of variables in different ways, and interest rates are not the same from lender to lender.

That’s why a list of advertised interest rates isn’t very helpful when you shop for a mortgage. Only a custom quote from a lender that has all of the information it needs can be useful to you. If you want to be sure that the loan you’re offered is competitive, you’ll need to compare several quotes from competing lenders. That’s where LendingTree’s Loan Explorer comes in.