How to Find Current Mortgage Rates

Mortgage rates are as volatile as the stock market. It’s no wonder, since they are related to one another and the current spending habits of Americans. Finding the most up-to-date mortgage rates is easy when you use the Internet.

Instructions

Difficulty: Easy

Using Yahoo! Finance

1. Point your browser to the Yahoo! home page, then click "Finance" and then the "Loans" tab.
2. Click the mortgage duration you are interested in under "Today’s Rates" at the top of the left tool bar.
3. Select your state and metropolitan area.
4. Choose the type of loan and general conditions—30 year fixed, 15 year fixed, 1 year arm, 30 year fixed jumbo, 5/1 ARM, 5/1 jumbo ARM, 3/1 ARM, 7/1 ARM, 10/1 ARM, 15 year jumbo, 20 year fixed, 10 year fixed, 3/1 interest-only ARM, 5/1 interest-only ARM, 5/1 interest-only jumbo ARM, 3/1 interest-only ARM, 7/1 interest-only ARM, 1 year jumbo ARM, 7/1 jumbo ARM, 7/1 jumbo interest-only ARM or 10/1 jumbo ARM.
5. Click “Get Rates.”
6. View the rates that are available and the lenders that are offering those rates.

Using BankRate

7. Go to the BankRate homepage (see link below).
8. Click on “Compare Mortgage Rates in Your Area” under the "Mortgage" tab on the right of the screen.
9. Select your state, then click "Next."
10. Choose the nearest city, then click "Next."
11. Enter the potential loan amount, then click "Next."
12. Pick the loan mortgage term you prefer, then click "Next."
13. Select the points you are willing to pay for a lower rate (this is essentially spending money to save money and is often discouraged), then click "Next."
14. View lender rates and terms.
15. Select the deals you’d like to compare side-by-side by clicking the boxes next to the lender name, and click "Add to Comparison."
16. Change the terms by clicking one of the links beneath the tabs across the top of the window.
    

Tips & Warnings

• Established bank customers may find a better deal through their bank or credit union. To access your bank website, use a search engine like Google and search for your bank’s name.
• There are hundreds, maybe thousands, of mortgage rate calculators and posters online. Be wary of those that are unreasonably high or low compared to others.
• Understand the terms used by mortgage rate calculators.
• ARM is an adjustable rate mortgage. This means the interest rate my be adjusted periodically based on a predetermined index and adjustment time
• APR is the annual percentage rate. It is the total of the annual rate you’ll pay, including interest, points, daily average and any closing costs.
• Jumbo refers to a loan that is for more than the widely acceptable average for your type of property. For example, a single family home with required funding of $510,000 will require a maximum of $417,000 (the acceptable maximum for a single family home at the time this was written) standard loan and an additional $93,000 jumbo loan
• Fixed-rate is a loan with the same interest rate for the life of the loan