How to Get on a Mortgage Rate Watch
You might become obsessed with interest rates when you're ready to buy a home. That's because a low rate can save you hundreds of dollars a month when it's time to take out a mortgage loan. For instance, you'll pay more than $140 more a month if the interest rate on your $250,000 30-year fixed-rate mortgage is 7 percent instead of 5 12 percent. The best way to keep track of the daily movement of interest rates--and they do change frequently--is to sign up for an online mortgage rate watch.
Other People Are Reading
Instructions
-
-
1
Search the Internet for websites that offer daily listings of the average interest rates on products such as 30-year, fixed-rate mortgages; 15-year, fixed-rate mortgages; and home equity loans. Look for an option to have an email with daily interest rates sent to you each day. Many sites have this option; two of the most popular include Bankrate.com and MortgageNewsDaily.com.
-
2
Visit the websites of the country's bigger national lenders. Many of these sites often allow visitors to sign up for free emails that provide daily updates on interest rate activity. CitiMortgage.com is one example.
-
-
3
Visit websites focusing on real estate and mortgage news, and look for their RSS feed button. By clicking on it, a new button with that site's name will appear on the toolbar of your Internet browser. By clicking on this button, you'll see a list of the new stories added to the site, including any that focus on the ups and downs of mortgage interest rates.
-
1
Tips & Warnings
Don't get too wrapped up in the roller coaster ride that mortgage interest rates tend to take. They fluctuate on an almost daily basis; trying to keep up with every change can add to the stress already inherent in buying a house.
