Interest rates are all over the place lately and probably will be before things settle down. When shopping for an interest rate today, you must compare apples to apples – not oranges. You cannot call a lender on Tuesday and then compare them to another lender’s rates on Thursday. 

When shopping for a rate, this is the process: 

• Do it on the same day- morning or afternoon 
• Ask for a rate quote based on the following:  

1. Loan amount
2. Loan type (ex: 30 year fixed)
3. Locked in for 30 days or 60 days
4. No points please

 You can call all the lenders back again another day and repeat the process.  The rates will always fluctuate by day and lender.  If you call four lenders and ask them the rate based on the above and one is much better, then there is something wrong.  All lenders would be around the same within ½ percent.  If one is better by more then that, check again. Some lenders do have specials on programs or certain times of the month, but it is really hard to get a quote based on a small window of opportunity.  I have clients that keep charts on their desk. 

 Whatever your method, go to the source not the advertisements to check rates. Avoid the internet for rate shopping, the info is outdated. It is the only way to get true numbers.  

– Dale Siegel