What's the best way to find out about mortgage interest rates

[twowhat?]

in specific locations online? There are tons of websites - wondering what might be most accurate (if that kind of thing exists).

[wellyes]

We've always used http://www.bankrate.com

[lowrioh]

I like using the Mortgage Marketplace feature of Zillow. When we bought our first house I looked at Bankrate.com a lot but I think Zillow gives a bigger picture in our market.

http://www.zillow.com/mortgage-rates/#{scid=mor-site-topnavmor}

[citymama]

Any reason you don't want to just check with a local mortgage broker?

We actually got our mortgage through a zillow.com broker who had better rates than our local guy.

[Melbel]

Although www.Bankrate.com (http://www.Bankrate.com) can give you a general idea about rates, IME, the "lowest" price lenders did not actually deliver the rates advertised when we requested a good faith estimate (we have top tier credit so that was not a factor). It felt like a classic bait and switch. What has worked best for us is asking around locally to see if anyone has gotten a good rate recently. We used Everbank about 7 years ago and were pleased. About 2 years ago, we refinanced with Wells Fargo and we were also happy. I think it helps to get quotes from multiple lenders so that you can not only compare rates, but also any costs (should be captured in the APR).

[vludmilla]

www.mtgprofessor.com (http://www.mtgprofessor.com) A great site with a lot of good information.

[wellyes]

Any reason you don't want to just check with a local mortgage broker?

Brokers make a commission and won't always show you the best deals.

[citymama]

Brokers make a commission and won't always show you the best deals.

Having just worked with a local mortgage broker for 1.5 years, I can tell you this isn't quite the way it works. The guy who gave us rates and guided us all through our house hunt, including pre approving us and providing updated info for 6 offers we placed - didn't make a cent off us. And not because he was noble, but bc we ended up going with the zillow broker where we got the best rate. We asked the local guy if he could match it, that particular day, he couldn't. He advised us to take the best rate we could get! Of course, he worked with us all those months in the hope of getting our business, but he knew as well as we did that we were going to take the best rate we got - and who can provide that rate varies week to week. A good local broker is definitely worth cultivating; there's no obligation to go with him or her for your actual mortgage.

[vludmilla]

I am HIGHLY skeptical of pretty much everyone involved in the home buying process and I thought I wouldn't want to use a broker. I figured that I am comfortable with researching and could do better on my own. It turned out that a broker got the best price. I think some brokers may not give you the best price but in my case, I defintely got the best rate and no points with a broker. Out of all the people I worked with in buying our house, the broker was hands down the best. The realtor sucked (and she was a friend of my MIL), the lawyer SUCKED (and he is a neighbor). The broker was the best.

[NancyJ_redo]

I've done numerous purchases and refi's and it's much like buying a car - you need to shop around and get a handful of different quotes, then use those quotes as leverage to get better quotes. It's a buyer's market, meaning everyone mortgage broker wants your business right now since the market has slowed considerably. Also, brokers generally receive wholesale rates, meaning they're lower than the rates you'll find just calling Bank of America, for example. What the brokers do with those rates then varies - they can mark them up a little or a lot, depending on how much they want your business. In the end, their rates may or may not be better than those you can find yourself.

Someone mentioned the Mortgage Professor's website, I agree that's a really good one. I also recommend reading the refi thread on Fatwallet, it's chock full of info and posters generally follow the mortgage market pretty closely and advise on the best current rates.