How to Keep an Eye on Interest Rates

Keeping an eye on interest rates helps determine the best time to apply for loans. For example, a slowdown in the economy usually leads to lower interest rates. It's always best to apply for loans when rates are low, and especially important when refinancing a mortgage or taking out a new mortgage. Lower interest rates on major loans could lead to thousands of dollars in savings over the life of the loan.

Instructions

1

Visit online sites for banks and credit unions. Most lending institutions list current rates for certain types of loans, such as mortgages, car loans and credit cards. Not everyone who applies for a loan will receive the lowest advertised rate, but monitoring bank websites helps spot trends.

2

Visit online news and information sites covering the financial industry, including Bankrate and MarketWatch. All offer current interest rates on various types of loans. In addition to current rates, the sites offer national averages and other breakdowns.

3

Check the financial section of your local daily newspaper. Look in the business or stocks section for information on interest rates. For example, The Wall Street Journal, which is also available online, publishes "The Wall Street Journal Prime Rate" -- an important index used by banks and credit unions to establish rates on credit cards, auto loans and other consumer loans. Interest rates increase along with the prime rate, and they also drop with decreases.