With Rates on the Move, Use Online Rate Tables to Track the Best Rates

(04/23/2010) National average mortgage rates have dropped to 5.25% from peaking at 5.34% two weeks ago.  Since rates have continued to move noticeably, home buyers may wonder how to find the best rate.  Informa Research Services suggests referring to online rate comparison tables to quickly find the lowest rate in your area.

While getting a mortgage can be a scary process in itself, finding the best rate doesn’t have to be.  Simply go to a site such as ERATE.com and submit some general pricing information, such as purchase price and state.  (It should be noted these tables to not require any personal information to retrieve mortgage rates.)  From this information, ERATE.com’s rate tables will retrieve the applicable loan options from various lenders for you to browse.

Another advantage of these online rate tables is that they feature lenders who frequently offer rates below the national average, such as AimLoan.com. 

ERATE.com’s comparison rate tables also include sorting columns.  For instance, users can sort by mortgage rate, APR, points, or fees.  While it may be difficult to make a general assumption about which lender always has the lowest rate, but you can be sure to find the lowest by using sorting columns on ERATE.com’s online comparison tables.

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