Which factor is NOT likely to affect mortgage rates?

The type of employment is generally considered less influential on mortgage rates compared to other factors. Mortgage rates are primarily determined by economic indicators, the lending environment, and the risk associated with lending to an individual borrower.

Loan duration can affect mortgage rates as longer loans might have higher rates due to the increased risk to lenders over time. Down payment amounts play a crucial role, as larger down payments often lead to lower rates—lenders view borrowers with a significant investment in the property as less risky. Similarly, credit scores significantly impact rates, as they are a direct measure of a borrower's creditworthiness and the likelihood of repayment.

In contrast, while employment status can affect an individual's ability to make mortgage payments, it does not typically influence the rates offered by lenders in a direct manner. Lenders are more focused on the borrower's financial history and credit profile rather than the specific nature of their employment. Therefore, the type of employment does not have the same level of impact on mortgage rates as the other factors mentioned.