When comparing interest rates, also pay close attention to fees.
In some situations it makes sense to have a lower origination fee and a higher interest rate.
Compare other fees as well. If .125% lower rate only saves you $15 a month, but the fees for that loan are $600 higher, it will take you 40 months to break even.

Keep i mind that you interest rate is generally tied to your credit score. If your credit score is low or you have collections and other negatives on your credit report do not expect the low rates you hear advertised on radio and Television.

Mortgage professionals can give you only their best estimate for the day. Your rate is not guaranteed until the rate is locked. Your loan officer can lock your rate only after all the necessary borrower information is gathered.

If you do choose to shop make sure to compare "apples to apples". Since interest rates fluctuate daily you want to make sure you are comparing quotes from the same date to make sure that market conditions are the same for all quotes you receive.

If you are shopping for a rate, you should try and do it all on the same day. Interest rates can change from day to day, rates can even change a couple times durring the day.

Most interest rates you hear about in the media - in the newspaper, on the internet, on television, on the radio, etc. - are based on a best-case scenario. If you have excellent credit, you are financing no more than 80% of the value of the property, and you are willing & able to fully document your income and assets to meet standard underwriting guidelines, then you may qualify for those published rates. If any of these things don't apply to you, then you should understand that your actual rate may vary from that best-case scenario.

The best way to ensure you get a fair and accurate interest rate quote is to spend some time getting to know your mortgage professional, help them understand your personal situation and your goals, and most importantly, be honest with your mortgage professional. If you have less-than-perfect circumstances, those details will eventually be revealed. Once you've established that open rapport with your mortgage professional, they can custom-tailor a rate quote for you and even give you guidance on actions you can take to make yourself a better applicant and thereby qualify for a better rate.

It's better to spend an hour building that rapport with your mortgage professional so you get one honest interest rate quote for which you can actually qualify than spending that same hour calling or emailing 20-30 different mortgage companies and receiving 20-30 rate quotes which are not tailored to your specific situation.

When comparing interest rates keep in mind that the lowest rate isn't always the best deal. Reducing the term of your loan from 30 years to 10 years will give a lower rate, but are the payments still affordable? Also remember that there are numerous closing costs to consider and the interest rate doesn’t matter if you don't have enough cash on hand for closing costs. While comparing interest rates is a smart financial move don't forget that the interest rate is just one facet of your new mortgage.

When shopping around for interest rates and comparing interest rates, make sure you ask if the rates being quoted are fixed or not. If you are looking for an adjustable rate mortgage, make sure you ask specifically how long the rate is fixed before it adjusts. Also, if you are shopping for an adjustable rate mortgage make sure you know what index is being used to base your adjustable rate mortgage on and what the margin is. The index is the rate that your adjustable rate is based on and is the rate that actually fluctuates up and down, causing your mortgage interest rate to adjust. The margin is a fixed item that influences how high above, or sometimes even below, the index your interest rate will be. For example if the index being used to calculate your adjustable rate mortgage was Prime and lets say Prime was 8%, and the margin was 2% you would have a fully indexed interest rate of 10%. Then lets say 12 months later your interest rate adjusts again and now Prime is 7.5%, so your new interest rate would therefore be 9.5% (Prime, 7.5% + Margin, 2% = Fully indexed interest rate). Your mortgage professional can better explain this in person. This is why it is pertinent to compare "apples to apples". You could be quoted the same start rate on a mortgage, however one quote may be based on a loan where the margin is 4% and the other may be based on a loan where the margin is 1%. This could potentially be a huge difference to you in interest rate and monthly payment.