For those buying a new property, mortgage rates are determined by the term of the loan, down payment and credit score, among other factors.

Fixed-rate home loans are typically available with terms of 15, 20, 30 or 40 years. Generally, lower interest rates are offered for mortgages with shorter terms.

Adjustable-rate mortgages (ARMs) are available with a variety of terms which may include a lower upfront rate, but that rate could increase during the life of the loan as market interest rates change.