Researching mortgage rates on the Internet can be enlightening or frustrating. Choose the former route by learning the key points of online mortgage rates research.

You can find virtually anything you want on the Internet, from a date for the high school reunion to a low rate on your mortgage. In either case, though, you'll need to take steps to ensure that you don't get duped by the old bait-and-switch.

Pitfalls of online mortgage rate research

A Google search for "mortgage rates" returns more than 22 million sites in less than two-tenths of a second. Unfortunately, it could take years to sift through these sites and actually find the information you need. Plus, you run the risk of getting sidetracked by outdated or misleading information. This can be particularly problematic if you base your home buying budget on mortgage rates that turn out to be inaccurate.

Tips and tricks of online research

1. Look for rate details. A reliable mortgage rate chart should include a current date and a descriptive title. The description may be as simple as "National Mortgage Rates" or "California Mortgage Rates," but take note of it. Also, be aware that mortgage rate charts generally show averages for prime borrowers and conventional loan structures. The exact rate listed may or may not apply to you.
   
   You should also look for any reference to points in a mortgage rate chart. A point is a fee equal to 1 percent of the funded loan balance; you can pay points upfront in exchange for a lower rate throughout the life of your loan. If a quoted rate has points, the same loan with no points will have a higher rate.
2. Pay attention to the professionalism of the website. If the website looks like it hasn't been updated in years, search elsewhere. There are enough reliable, mortgage-related websites out there. You don't need to put your trust in one that looks outdated, or even hokey.
3. Know your mortgage types. Rates differ by mortgage type, and each type carries its own risk level for the borrower. A 30-year, fixed-rate structure is the most conservative mortgage because the rate never changes. On the other hand, 3/1 and 5/1 adjustable-rate mortgages (ARMs) may have lower initial rates, but also carry more risk. Having a general idea of how these mortgage types work will help you compare their rates constructively.

Keep a log of the sites you visit, and bookmark those that appear to be the most trustworthy. Rate averages should be similar from one site to another; if one site lists rates that are vastly different, see if you can find out why. Avoid dealing with sites that quote super-low rates just to lure you into a loan application. That's the bait-and-switch, and you don't want to be a fish caught in that net.