Borrowers who have been using the media to gauge whether mortgageinterestrates were rising or falling were probably unprepared for happened. Evenborrowers who had started shopping around for rates at the beginning ofthe week were probably caught off guard. And as the second full week in October began, interest rates rosefurther,turning the stomachs of homeowners and homebuyers who'd been sitting onthe fence, waiting for that magical sign that interest rates hadbottomedout. Don't rely on yesterday's newspaper for today's interest rates. Newspapersaretraditionally printed once a day.
Interest rates change frequentlyduringthe day.
To stay on top of interest rate changes, get your informationfrom several sources, including sites on the Internet that offerreal-timerates and local lenders, who can give you an idea of what's reallyhappening in mortgageland. If you see a rate you like, jump. If you think you'll know if your gut whenrates havehit rock bottom, you'll probably miss the trough. No one really knowswheninterest rates have sunk to the bottom trenches. Then again, true no-cost loans may go the way of the gold rush.