Quick Explanation About Interest Rates:

To be qualifies for a certain interest rate many factors are included and analyzed (income, credit score, amount of equity in your home, DTI {debt to income}, the current market, etc, etc.) However, one factor that has a total relation to interest rates is the 10Yr Bond. When ever the 10Yr bond goes up the interest rates go down, when the 10yr bond goes down interest rates go up.