This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

How to Uncover the Lowest Mortgage Rates

Mortgage rates are in a nosedive right now.

Rates have dropped almost a full percentage point in the past month. You can save a lot of money over the life of your loan if you refinance now or lock in a low rate on a new mortgage. But to get the best rates available, you may have to negotiate with your loan officer. Here are a few tips on where to find the information you'll need to get the best rate possible.

Check online: Each week, BankingMyWay.com's mortgage section lists the national averages for interest rates on the most popular types of fixed-rate and adjustable-rate mortgages. While a dip in the national average may not mean your lender is dropping its rates, it certainly gives you the chance to ask why it isn't following suit.

The mortgage section lets you search by ZIP code to get rate offers from hundreds of local lenders. Nationwide, rates on 30-year fixed-rate mortgages currently average 5.29%, but rate offers vary greatly among lenders.

For instance, in the New York metropolitan area alone, rates include interest rate offers such as 5.00% from Webster Bank (WBS), 5.125% from Pathfinder Bank (PBHC), 5.875% from Citigroup (C) and 6.25% from TrustCo Bank (TRST).

Shop around: Once you get a handle on rates in your area, find out what rates you'll actually qualify for. To do that, target at least three lenders offering attractive rates. Ask each for loan information specific to your situation, which includes an interest rate and annual percentage rate (APR) and a good faith estimate of the fees and points they'll charge at closing. Use the same down payment and total loan amount figures for each lender to make sure you have an easy time comparing offers.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,086.63 -26.91 -0.16%
S&P 500 1,987.01 +3.48 0.18%
NASDAQ 4,473.6970 +17.6810 0.40%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs