Mortgage rates can be confusing. They're quoted as an annual percentage rate (APR), but they're really the monthly interest rate multiplied by 12. They can vary from day to day and week to week, making it hard to know when you're getting a good deal.

But with a little knowledge and effort, you can master mortgage rates and save yourself thousands of dollars over the life of your loan. Here are some tips:

1. Get quotes from multiple lenders. Just like with any other product, it pays to shop around for the best mortgage rate. Check with your current bank or credit union first, but don't stop there. Get quotes from at least two other lenders, preferably ones that specialize in mortgages. Remember to compare both the interest rate and the APR so that you're comparing apples to apples.

2. Know what type of loan you want. There are many different types of loans available, each with its own interest rate and terms. For example, a 30-year fixed-rate loan has a higher interest rate than a 15-year fixed-rate loan but also has lower monthly payments.

You'll need to decide what type of loan is right for you based on your financial goals and situation. Hence, look at rbc current mortgage rates.    

3. lock in your rate. Once you've found a lender and been approved for a loan, you'll be given a choice of whether to lock in your interest rate or let it float until closing. If rates are low and expected to rise, you may want to lock in so that you don't end up paying more than you have to.

On the other hand, if rates are high and expected to fall, you may want to let your rate float so that you can get the lower rate when it becomes available. Just keep in mind that if rates do rise before closing, you may end up having to pay more than you originally agreed to.

4 . monitor the market. Keeping tabs on mortgage rates is a good idea, even if you're not currently in the market for a home loan. That's because rates can change quickly, and knowing what's going on will help you understand what's happening when you do start shopping for a mortgage. Eventually, look at  bmo variable rate    

There are several ways to do this :

-Check rates online. Websites like Bankrate aggregates rates from multiple lenders so that you can see what's available.

-Read articles or watch videos about mortgage rates. This will help give you some context about where rates are currently and where they might be headed in the future.

-Talk to a mortgage broker. A good broker will keep track of market conditions and let you know when it might be a good time for you to refinance or buy a new home.

5 . Understand how your personal finances affect mortgage rates.

In addition to general economic conditions, mortgage rates are also influenced by your personal financial situation. Things like your credit score, debt-to-income ratio, and employment history all play a role in determining what interest rate you'll qualify for.

Getting the best mortgage rate takes work, but it's worth it if it saves you thousands of dollars over the life of your loan.