Mortgage Interest rates can change on a daily basis depending on market conditions and economic factors. It is important to compare mortgage quotes with accuracy. In most cases you want to get loan quotes all on the same day, so you can compare apples to apples. It doesn 't matter whether you are comparing home equity loans, purchase loans or credit lines, get same day quotes. If you get several mortgage rate quotes from different lenders on various days, then you may be getting inaccurate interest rates.
Don 't forget, for certain types of home mortgages, that the broker or lender will offer interest rate pricing based on the lock periods. Mortgage rate lock vary from periods of 15, 30, 45 or 60 days. Remember that the longer lock period last, the higher the add will be for the interest rate. Always compare mortgage quotes for similar rate lock periods. So if you are considering closing your loan in 30 days, then compare rate locks for 30-day periods for all lenders.
If you want to pay less points or origination, then increasing your interest rate is the route to go. If you increase the home loan rate, it will decrease the points charged. while reducing the rate will increases the points. Mortgage quotes can have tiered pricing to buy the rates and the points up or down. Always consider the APR, and request that the brokers quote the points separate from other fees. Mortgage refinance and home equity quotes must itemize origination and 3rd party fees.
Remember, mortgage rate shopping can save you money, but if you take the time to get quotes for second mortgages and refinance loans, then shop efficiently and compare loans effectively. In the long run, you will save time and money.