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Maintaining steady employment, high credit score and conservative spending habits, translated to low credit balances, will all influence your chances of getting a favorable interest rate from your lender. The lower the risk you are to the bank, the lower your mortgage refinancing costs will be. Another factor that influences your rate is the type of mortgage product you choose. Fixed rate mortgages put the lender at risk of losing money when interest rates rise above that which you have locked into and, therefore, come with higher rates than an ARM. Your loan term length also influences the rate, based on risk.