You see the advertisements, get the calls from mortgage lenders, and hear friends and neighbors talk about their low mortgage rates. But how do you go about getting the best mortgage interest rate?

The best interest rate isn't necessarily just the lowest rate -- it's the lowest rate you can get on the loan that fits your needs. You may see a 5 percent rate on a 15-year adjustable rate mortgage, but the payment amount for a short-term loan, not to mention the risk involved in an ARM, might not be right for you. A 30-year, fixed interest rate loan might be best for you, even though it will feature a slightly higher interest rate.

Once you know where you stand, do some research. Look at the interest rates on the type and term of loan that is best for you. While researching, look at recent rate trends to get an idea of the direction in which interest rates are moving. Also, since key economic indicators also affect interest rates, start paying attention to the financial news.

Consult the larger online lending sites to get an idea of what rates are like. Findthebestrate.net is a great place to start.

As you compare the various quotes you have solicited, make sure you are comparing apples to apples. Comparing interest rates on 15-year ARMs with rates for 30-year fixed mortgages isn't helpful.

A word of caution: When you are loan shopping, not all lenders you talk to will be quoting you a real rate. Some lenders will simply tell you anything to get you to fill out an application and start up a dialogue. Likewise, some advertisements on television or in newspapers have strings attached or fine print. As always, if something sounds too good to be true, it probably is.

When you do sit down with a lender, pay attention to the features of each type of loan, including points, interest rate, or other provisions. Once you reach a rate for the type of loan you want, lock it in.