When comparing interest rates, also pay close attention to fees.
In some situations it makes sense to have a lower origination fee and a higher interest rate.
Compare other fees as well. If .125% lower rate only saves you $15 a month, but the fees for that loan are $600 higher, it will take you 40 months to break even.

Keep in mind that you interest rate is generally tied to your credit score. If your credit score is low or you have collections and other negatives on your credit report, do not expect the low rates you hear advertised on radio and television.

Most interest rates you hear about in the media - in the newspaper, on the internet, on television, on the radio, etc. - are based on a best-case scenario. If you have excellent credit, you are financing no more than 80% of the value of the property, and you are willing and able to fully document your income and assets to meet standard underwriting guidelines, then you may qualify for those published rates. If any of these things don't apply to you, then you should understand that your actual rate may vary from that best-case scenario.

The best way to ensure you get a fair and accurate interest rate quote is to spend some time getting to know your mortgage professional, help them understand your personal situation and your goals, and most importantly, be honest with your mortgage professional. If you have less-than-perfect circumstances, those details will eventually be revealed. Once you've established that open rapport with your mortgage professional, they can custom-tailor a rate quote for you and even give you guidance on actions you can take to make yourself a better applicant and thereby qualify for a better rate.

Mortgage professionals can give you only their best estimate for the day. Your rate is not guaranteed until the rate is locked. Your loan officer can lock your rate only after all the necessary borrower information is gathered.

If you do choose to shop make sure to compare "apples to apples". Since interest rates fluctuate daily you want to make sure you are comparing quotes from the same date to make sure that market conditions are the same for all quotes you receive.

If you are shopping for a rate, you should try and do it all on the same day. Interest rates can change from day to day, rates can even change a couple times during the day. It's better to spend an hour building that rapport with your mortgage professional so you get one honest interest rate quote for which you can actually qualify than spending that same hour calling or emailing 20-30 different mortgage companies and receiving 20-30 rate quotes which are not tailored to your specific situation.

When comparing interest rates keep in mind that the lowest rate isn't always the best deal. Reducing the term of your loan from 30 years to 10 years will give a lower rate, but are the payments still affordable? Also remember that there are numerous closing costs to consider and the interest rate doesn’t matter if you don't have enough cash on hand for closing costs. While comparing interest rates is a smart financial move don't forget that the interest rate is just one facet of your new mortgage.

When shopping around for interest rates and comparing interest rates, make sure you ask if the rates being quoted are fixed or not. If you are looking for an adjustable rate mortgage, make sure you ask specifically how long the rate is fixed before it adjusts.

Keep in mind that repeated credit report inquiries within a short time-frame can negatively impact your credit rating. A mortgage professional can usually give you a pretty solid quote based on your estimation of your credit and finances. However, to get an exact quote, he will need to look at your credit report.