Current mortgage rates are a fleeting thing. To establish them, lenders rely on many complicated factors with far-reaching influence that can be unpredictable and impossible to control.

Because there’s so much more involved with establishing current mortgage rates, it’s not a good idea to count on the rates staying constant for very long periods of time.

Interested buyers who qualify for homes in a particular price range today may find that the price range is different in a few months, once current mortgage rates have been adjusted to suit the economics of the moment.

Home prices affect current mortgage rates, too, so there can be significant difference in the effective cost of a home from one year to the next. If your house hunting gets delayed for any substantial period of time, you’ll probably want to spend time with a mortgage lender to find out where you stand in the current market.

And, although current mortgage rates are linked to the federal government, which is the same throughout the country, housing prices are not. The home you can afford in Los Alamos won’t be similar to the home you can afford in Los Angeles even though interest rates are the same.

The current mortgage rates you’re likely to find in the newspaper, on the internet, or at your local bank or credit union aren’t exactly etched in stone either. Be aware that these numbers reflect a baseline rate from which individual mortgage loans are calculated.

Individual circumstances that vary from one buyer to the next influence the actual mortgage rate assigned to any one mortgage, although that final rate is based on the same current mortgage rates as all others offered by the lender.

Factors such as income, credit history, and job stability play a role in establishing individual mortgage rates. A potential lender will weigh these factors against current mortgage rates and set a mortgage rate for your loan based on your own individual economic circumstances.

When considering a new home, do keep current mortgage rates in mind. They play a vital role in the buying power of each perspective homeowner but don’t let the numbers published provide the definitive answer for you. Feel free to consult a lender personally for a detailed analysis of your economic standing.