Several factors influence where mortgage rates trend over time, including the U.S. Federal Reserve's asset purchases, housing demand and the secondary market for mortgage-backed securities. But the largest driver of getting the best mortgage rate is still in your control.
How do you qualify for the lowest mortgage interest rate? Lenders decide if you're a good risk for their money. The lower the risk, the better the rate. They'll study your income, credit score, employment history, liquid assets, down payment, the type of property you're buying, and its value.