Which factor is NOT considered when determining a mortgage’s interest rate?

When determining a mortgage’s interest rate, various factors are taken into account that directly influence the level of risk associated with lending the money. The borrower's credit score is crucial because it reflects their creditworthiness and repayment history. Market conditions significantly impact interest rates as they can fluctuate based on economic indicators, central bank policies, and the overall demand for loans. The type of loan can also affect the interest rate since different loan products can have varying levels of risk and underwriting requirements.

However, the borrower's income level is generally not a direct factor in setting the mortgage interest rate itself. While income is important for qualifying for a loan and determining how much a borrower can afford to pay, it does not directly influence the cost of borrowing in terms of the interest rate offered. The rate is more closely associated with the risk profile established by credit score, market dynamics, and loan specifics rather than the income level of the borrower.