Things You'll Need:
- Internet
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Step 1
The government has taken unprecedented moves in the last few days to attempt to shore up the financial system in the United States. Whether this plan works or not is yet to be seen, but it certainly is making mortgage rates move in a big way.
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Step 2
Bankrate is the best place to keep track of everything mortgage rate related. The site has a terrific graph of the trend for a national average of the 30 year fixed mortgage, which I have included in the resources. Be sure to check this often and see which way the fixed mortgages are moving now. Find low rate mortgages in one click of a mouse.
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Step 3
Want to customize the mortgage rates down to your area? That is very easy to track as well by simply putting in your zip code and selecting the type of mortgage rate you wish to be given. This is very useful in comparing mortgage rates among local lenders.
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Step 4
Calculate it!Finally, if you want to break it down even farther, bankrate has a terrific mortgage rate calculator on their site which will show you the specific of monthly payments on a perspective mortgage in your area. Take advantage of these very useful tools in a time where rates move very quickly!
Comments
SchoolOfLife said
on 3/15/2009 Great article, I enjoyed reading it. Keep up the good work. :)
--EliBrown said
on 2/23/2009 My rate reset for the first time on my 2/6 ARM and leading up to it, I had no idea how my payments would fluctuate. This is a great resource to watch trends. Luckily, my payment went down. :)
TheWriterLady said
on 2/10/2009 This is very helpful information. It's hard to keep up with the changing rates. Great advice! 5*