To check mortgage interest rates, start by comparing quotes from multiple lenders using online tools or direct inquiries. Review credit scores and reports to ensure accuracy, as they influence rate eligibility. Consider fixed versus adjustable-rate mortgages and loan terms like 15

or 30-year options. Lenders often provide instant rate estimates, while pre-approvals can strengthen bargaining power.

This process is critical because mortgage rates significantly impact long-term borrowing costs. For example, a 0.5% difference on a $300,000 loan over 30 years could result in nearly $50,000 in total interest savings (Federal Reserve, 2022). A 2019 Consumer Financial Protection Bureau (CFPB) study found that consumers who obtained at least three quotes saved an average of $1,500 compared to those who used a single lender. Additionally, credit score disparities directly affect rates; borrowers with scores above 740 typically receive rates 0.25-0.5% lower than those with scores below 620 (MyFico, 2021). Lender competition also drives rate transparency, with 70% of lenders offering online rate calculators (CFPB, 2020). By prioritizing thorough comparison and credit health, borrowers optimize affordability and avoid overpaying for unnecessary costs.