Most likely, you will be paying off this debt for years, and after all, a small difference in the mortgage rate can make a big difference in monthly payments. We hope the following will help you shop for a mortgage most effectively. First of all, if you plan on shopping around for a mortgage it is highly recommended that you take the time to order your credit report from all three credit reporting agencies and check it for errors. Secondly, tracking interest rate movements is recommended when shopping for a mortgage. Find out what current mortgage rates are and whether they are going up or down.
Mortgage rates fluctuate frequently.
One month they are up, the next, down. It is very rare that they remain constant for any lengthy period of time. There are many factors affecting rates and it is often difficult to accurately predict interest rates as the national economy itself, but an understanding of key economic indicators can provide clues to the future direction of interest rates. Mortgage rates generally rise and fall along with yields on Treasury notes and bonds because those government securities reflect the overall direction of interest rates. By keeping an eye on Treasury market and mortgage market trends a borrower has a better chance of obtaining interest rate savings.