WASHINGTON, Aug 21 (Reuters) – U.S. home sales rose more than expected in July, boosted by lower mortgage rates and a strong labor market, signs the Federal Reserve’s shift toward lower interest rates.Annual percentage rate (apr) The cost to borrow money expressed as a yearly percentage. For mortgage loans, excluding home equity lines of credit, it includes the interest rate plus other charges or fees. For home equity lines, the APR is just the interest rate.Anyone out to buy or refinance a home this month will find that current mortgage rates have fallen since this time last year. That means it’s best to shop for a mortgage now, while mortgage rates are.Average 15-year mortgage rates. Here are the current average 15- year mortgage rates in each state. Average 15-year fixed mortgage rates tend to be lower than rates for 30-year home loans. While this does mean less money spent on interest, the monthly payments on a 15-year loan are consistently higher in all states.View today’s mortgage rates for fixed and adjustable-rate loans. Get a custom rate based on your purchase price, down payment amount and ZIP code and explore your home loan options at Bank of America.Factors that Determine home loan interest Rates: Income: The industry you work and your employer both has a say along with the income factor. Credit Score: When you apply, the processing involves a thorough scrutiny of your credit report. Location of the Property: The location and vicinity has a.Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. Mortgage, Home Equity and Credit products are offered through U.S. Bank National Association.Mortgage points are a fee you can pay at the start of the mortgage to lower your interest rate for the duration of your fixed-rate mortgage. Each point costs 1% of your total loan amount. The interest rate reduction depends on the lender, but it is common to lower your interest rate by 0.25% in exchange for every point purchased.