How can I obtain interest rate information?
A good place to start is www.bankrate.com. This website can help you compare mortgage rates in your area. Remember that the interest rate you are offered will be affected by your personal circumstances and your personal credit rating. Having a good credit rating will mean you get the best interest rate and lowest monthly payments on your mortgage.
Track the direction of interest rates
It is a good idea to track the movement of interest rates when shopping for a mortgage. Knowing which direction rates are headed will help you to lock in the best rate and get the lowest payments. Mortgage rates fluctuate frequently, one month they may be up, the next month they may be down again. It is very rare for rates to remain unchanged for a long period of time. There are so many factors affecting interest rates that it is often difficult to accurately predict rates, but an understanding of key economic indicators can be very helpful.
