You need to get in habit of noticing current interest rates. This is especially true if you are currently in market for a new mortgage. Generally, mortgage rates track central banking system's 'base rate', but there are a LARGE number of deals for new customers, including early year discounts, fixed rates, capped rates and so on. If your mortgage company isn't offering you a competitive rate, but other mortgage lenders are, confront them with it! Often they rely on your disinterest to keep overcharing you interest (excuse pun!). When confronted, they usually crumble and will offer you a better deal rather than lose your custom.