The fluctuating economy has caused the mortgage interest rates to reach an all time low. This is seen as the best time for home owners to have their adjustable rate mortgages refinanced to a fixed rate mortgage. Why? Simply because when the rates fall so hard, they will eventually rise, and you don't want to get stuck with a rate that is higher than you can afford.

So when you decide that a fixed mortgage rate is the best option for you where do you go to refinance those mortgage rates? Who has the lowest mortgage rate at the moment, when comparing banks and, mortgage lenders?

I could give you a simple answer and, say, go for Bank of America or opt for Wachovia. However, I have to make this a long strung answer simply because; there is no flat rate answer. Some banks may be offering a rate as low as 2.3% but, is that the best rate for you?

As a mortgage shopper you have to answer some questions before you can decide to refinance your mortgage at the lowest rate.