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TERMINOLOGY
There are many specific factors that affect mortgage interest rates, but there is one main principle driving the direction of rates – supply and demand. When there is more demand for mortgage loans, lenders raise the price (the interest rate) on their loans. They can do this because they have many consumers competing for mortgage credit, who are willing to pay higher rates in order to refinance or buy a house. However, when there are few mortgage applicants looking for home loan credit, rates will be lower in order to entice more borrowers into the market.
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