Why is APR not the only factor to compare loans?

The Annual Percentage Rate(APR) shouldn’t be considered as the only factor to compare mortgage lenders or loans. One should take into account other factors like the interest rate, closing costs and lender fees. The APR assumes zero inflation thereby considering that the value of dollar would remain same even after 10-20 years. But this isn’t true. Besides, when lenders calculate APR, they assume that the mortgage won’t be paid off early even though the average life span of the loan ranges from 5 to 7 years for most borrowers.