Tuesday, January 15, 2008

How to Find Current Mortgage Rates

Introduction

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

Steps

1

Step One

Point your browser to the Yahoo! home page, then click "Finance" and then the "Loans" tab.
2

Step Two

Click the mortgage duration you are interested in under "Today’s Rates" at the top of the left tool bar.
3

Step Three

Select your state and metropolitan area.
4

Step Four

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

Step Five

Click “Get Rates.”
6

Step Six

View the rates that are available and the lenders that are offering those rates.

Using BankRate

Steps

1

Step One

Go to the BankRate homepage (see link below).
2

Step Two

Click on “Compare Mortgage Rates in Your Area” under the "Mortgage" tab on the right of the screen.
3

Step Three

Select your state, then click "Next."
4

Step Four

Choose the nearest city, then click "Next."
5

Step Five

Enter the potential loan amount, then click "Next."
6

Step Six

Pick the loan mortgage term you prefer, then click "Next."
7

Step Seven

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."
8

Step Eight

View lender rates and terms.
9

Step Nine

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."
10

Step Ten

Change the terms by clicking one of the links beneath the tabs across the top of the window.

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