This story from the Sacramento Bee covers the basics in shopping for the best interest rate.
"Interest rates can change several times during a day and usually change between days. You may check one lender on a day when rates are down and other lenders when the rates are up. It's possible all the lenders had the same rate - if you'd checked them at the same time."
"Also, remember that one lender may quote a rate with no points (a point is 1 percent of the loan amount) but charge one origination (1 percent of the loan). So compare apples to apples."
"With the prime rate steadily increasing since the end of summer 2004, the presumption has been that mortgage rates would follow suit. The rates have varied a little at times, but we have seen 30-year fixed-rate loans drop to the low 5s. By the time you read this, they may have climbed back up to the mid-to high 5s.
What's interesting is that the 30-year fixed rate has been so low that it was often the same as the five-or seven-year hybrid adjustable-rate mortgages. Hybrid loans are fixed for a given period - usually three, five, seven or 10 years - then roll into an adjustable-rate loan."
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