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.
How much can I save?
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.
This simple tip can save you tens of thousands of dollars on your mortgage, experts say
