Mortgage Shopping Strategy Yields Significant Savings Amid High Rates
Homebuyers facing multi-year highs in mortgage rates can unlock substantial savings through lender comparison. Realtor.com's analysis of 2 million recent mortgages reveals that shopping around typically secures rates 0.55% below average—translating to $44,000 in lifetime savings on a median $425,000 property.
"After years of higher borrowing costs, even small rate improvements can open doors for more buyers," notes Danielle Hale, Realtor.com's chief economist. The findings underscore how strategic financial behavior outweighs conventional reliance on realtor referrals for loan sourcing.
While credit score improvement and larger down payments remain effective, these require extended timelines. In contrast, rate comparison delivers immediate financial leverage—a critical advantage when every basis point compounds over 30-year terms.
