Interest rate is the percentage of the loan you’ll repay the lender for the cost of borrowing. APR (average percentage rate) is the interest rate plus additional costs associated with your loan, such as mortgage points or private mortgage insurance (PMI). APR gives a more comprehensive view of the loan’s total cost, while the interest rate is the basic cost of borrowing.

Compare rates between mortgage lenders: It’s common that lenders offer slightly different rates and fees. Comparing rates, fees, and the loan terms could help you save in the long-run.

Check interest rate trends: Are rates increasing or decreasing? If interest rates may increase, it could be a good time to lock in the rate. If interest rates may decrease, it could be a good idea to wait.

Understand the lock period: How long is the rate lock valid? The rate lock could last anywhere from 30 to 60 days. Make sure the rate lock covers enough time until your planned closing date. If the lock period expires, you could lose the rate or pay to extend the lock.

Find out the costs associated with a rate lock: Some, but not all, lenders require a fee to lock in an interest rate, so be sure to weigh your options. You could also have costs associated with extending a rate lock.

Ask about float-down options: Some lenders offer float-down options, which may allow you to switch to a new, lower rate, if interest rates drop. You could have to pay an additional fee.

Buying mortgage points: Mortgage points, or discount points, are an upfront cost you pay to lower your interest rate. Speak with your mortgage lender about the costs and whether this option is right for you.

Some rural and mountainous regions in West Virginia are high-risk flood zones. If you're buying a home in an area prone to flooding or landslides, your lender could require you to carry flood insurance. Homes located in rural areas could also appraisal challenges. In general, your credit score, loan type, down payment, and debt-to-income ratio (DTI) could affect your mortgage rate.