So you are interested in a mortgage and looking to locate the best mortgage rates, this is a smart move and indeed at the end of this article you will find several resources that will help you to find low mortage rates. But first you need to make yourself familiar of how mortage rates and costs are constructed. Note that mortgage rates make only one component of total mortgage costs. If you are interested in finding a cheap mortgage you must understand how costs are structured. Not all interest rates are created equal. They can come with different fees and points charged upfront by mortgage lenders, and these expenses can vary.

There are three main components to the costs of a mortgage: there is the interest rate, there are points and there are other costs.

Points are a sum of money that you pay upfront to the lender, each point equals 1 percent of the loan amount, so if the loan amount is $200,000 one point would be equal to $2,000.

Once you have several offers from lenders your task is to make an educated comparison. you need to take in consideration ALL components of each loan, it seems complicated, but it is not. Why? because there is a tool that will help you in the comparison task. It is called APR, Annual Percentage Rates, the APR takes in account all the costs of a mortgage and present it as a percentage of the loan. So you see, you should not be looking for the best mortgages rates, but instead to the best APR. Mortgage rates are only part of the costs while APR presents the complete costs.

Once you understand how mortgage costs are constructed and have all the knowledge required to make educated comparisons between prospective mortgage lenders you are ready to locate some low mortgage rates. Here we bring you two resources for locating low rates that in our opinion are the best out there:

Bankrate.com - an excellent resource that allows you to compare rates from various loan providers.

Interest.com - allows you to compare interest rates for home loans in any state.

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Recently Published Mortage Rates Articles and News

ANZ, National lift mortgage rates (Marlborough Express)The ANZ and National banks lifted their long-term fixed mortgage rates today, bringing themselves in line with most of the other major New Zealand banks.

ANZ, National lift mortgage rates (Stuff)The ANZ and National banks lifted their long-term fixed mortgage rates today, bringing themselves in line with the other major New Zealand banks. ANZ's three year fixed rate mortgage is now 6.99 percent, up from 6.85 percent, while its four year rate is now 7.5 percent, up from 7.4 percent.

Mortgage rates rise as bonds grow (London Free Press)Improved investor confidence and increased government spending may be good for the overall economy, but it can be bad news for home buyers as bond yields rise and push up fixed mortgage rates.

Mortgage Rates Move Higher (RISMedia Real Estate News)RISMEDIA, June 8, 2009-Mortgage rates soared higher last week, with the average 30-year fixed mortgage rate rising to 5.65 percent. According to Bankrate.com's weekly national survey, the average 30-year fixed mortgage has an average of 0.44 discount and origination points. The average 15-year fixed rate mortgage climbed to 5.06 percent, while ...

Rising mortgage rates seen as a recovery threat (San Francisco Chronicle)Climbing mortgage rates may have pushed Jim Cooper's chosen home beyond his financial reach. The Pleasant Hill resident was forced to lower his planned offer on a four-bedroom ranch house in Alamo after a rate spike during the past few weeks added several...

Mortgage rates top 5%, first time since March (San Francisco Chronicle)Rates on 30-year home loans surged above 5 percent for the first time in nearly three months last week as investors pushed up rates on long-term government debt, which is closely tied to mortgage rates. Mortgage finance giant Freddie Mac said Thursday that...

Real Estate Weekly: Rising mortgage rates could spur undecided buyers (Market Watch)Mortgage rates took a big leap this week, causing many to wonder if the days of extremely low mortgage rates are coming to an end.

Rising mortgage rates could spur undecided buyers (MENAFN)Rising mortgage rates could spur undecided buyers

Mortgage rates rise to 6-month high above 5% (USA Today)Mortgage rates have risen to their highest levels in six months, threatening to delay a housing turnaround by discouraging potential home buyers.

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