This simple tip can save you tens of thousands of dollars on your mortgage, experts say
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As mortgage rates recede to their lowest levels in years, experts say that shopping around for the right loan could save first-time home buyers tens of thousands of dollars. Edited by Alain Sherter In:
As mortgage rates recede to their lowest levels in years, experts say that shopping around for the right loan could save first-time home buyers tens of thousands of dollars.
The average rate for a conventional 30-year mortgage across the U.S. fell this week below 6%, down almost an entire percentage point from January of 2025 and the lowest since 2022, according to data from Freddie Mac.
Better rates are expected to attract more house-hunters as the spring buying season heats up. But experts advise buyers not to settle until they've shopped around, noting that rates can vary a lot depending on the lender. The average gap between the lowest and highest APR is 0.74 percentage points, according to LendingTree, an online loan marketplace.
Although experts don't expect mortgage rates to decline much further this year, predicting they will hover around 6% for a 30-year loan, they said homebuyers can now find lower-cost loans as lenders compete for business.
"We're seeing a lot more dispersion with what lenders are quoting," Kate Wood, a lending expert at NerdWallet, told CBS News. "So at any time, absolutely, you should be requesting rate quotes from multiple mortgage lenders."
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