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Most home buyers skip rate shopping, potentially costing them hundreds a month
SEATTLE, Dec. 11, 2025
Even small rate differences can expand the number of homes within reach for buyers facing strained affordability
- Nearly 7 in 10 mortgage shoppers submit only one application.
- A buyer can save $1,100 a year by reducing their mortgage rate 50 basis points when they purchase a typical U.S. home.
- A savings of this size would have made 22,000 more homes on the market affordable for a median-income U.S. household.
SEATTLE, Dec. 11, 2025 /PRNewswire/ -- Home shoppers spend months searching for the right home, but most gather quotes from only one mortgage lender. That seemingly small decision can be a missed opportunity that costs buyers tens of thousands of dollars over the life of a loan, a new Zillow® analysis shows.
Home buyers typically invest months into the search process between hiring an agent, touring homes and making offers. Yet, when it comes to a mortgage, many buyers stop after the first quote, despite the huge financial stakes. Nearly 7 in 10 mortgage shoppers submit only one application, according to Zillow's Consumer Housing Trends Report.
"Buyers often spend months finding the right home, but only minutes comparing lenders," said Kara Ng, senior economist at Zillow Home Loans. "Even a small difference in rate can meaningfully shrink a monthly payment and expand the number of homes within reach. Affordability is tough enough today that buyers shouldn't overlook any potential savings."
Zillow's analysis shows that on a typical U.S. home worth about $360,000, a buyer paying 6.24% — the average 30-year fixed rate in November — would owe about $2,345 each month.1 At 5.74% — within the typical range for shoppers who compare multiple offers — the payment drops to $2,253, saving roughly $1,100 a year. In November, that savings would have been enough to make 22,000 more homes nationwide affordable to a median-income household.
These differences only grow in higher-cost markets. In San Jose, landing the lower rate would save a buyer about $4,750 a year, and annual savings would exceed $2,000 in six other expensive metros. When looking at homes on the market in November, the potential savings from rate shopping would bring more than 1,200 additional listings within a typical buyer's budget2 in Dallas, the most in the country.
Lenders weigh credit profiles, loan types and market conditions differently, meaning the same borrower can receive materially different offers. In a 2019 analysis, Zillow found spreads of from 90 to 130 basis points between the best and worst quotes for borrowers, depending on their credit profile. A more recent analysis from Freddie Mac showed home buyers can see rates move 50 basis points in either direction when receiving quotes from different lenders.
While affordability remains stretched for many prospective home buyers, it recently reached a three-year best, thanks in part to lower mortgage rates and record-high discounts from home sellers. Home shoppers can see how different rates would affect their monthly payment and which homes fit their budget using tools on Zillow, including Zillow Home Loans' BuyAbility℠ tool and the affordability calculator.
| Metro Area* | Typical Home Value (November 2025) | Typical Monthly Mortgage Cost (6.24% Rate) | Annual Cost Difference (5.74% Rate) | Annual Cost Difference (6.74% Rate) |
| United States | $359,241 | $2,345 | -$1,104 | +$1,140 |
| New York, NY | $699,395 | $4,821 | -$2,160 | +$2,208 |
| Los Angeles, CA | $932,886 | $5,664 | -$2,868 | +$2,952 |
| Chicago, IL | $334,512 | $2,397 | -$1,032 | +$1,056 |
| Dallas, TX | $359,523 | $2,565 | -$1,116 | +$1,128 |
| Houston, TX | $303,675 | $2,130 | -$936 | +$948 |
| Washington, DC | $567,340 | $3,624 | -$1,752 | +$1,788 |
| Philadelphia, PA | $375,501 | $2,553 | -$1,152 | +$1,188 |
| Miami, FL | $467,083 | $3,324 | -$1,440 | +$1,476 |
| Atlanta, GA | $376,192 | $2,484 | -$1,152 | +$1,188 |
| Boston, MA | $709,859 | $4,551 | -$2,184 | +$2,244 |
| Phoenix, AZ | $441,999 | $2,623 | -$1,368 | +$1,392 |
| San Francisco, CA | $1,087,917 | $6,711 | -$3,360 | +$3,432 |
| Riverside, CA | $574,943 | $3,608 | -$1,776 | +$1,812 |
| Detroit, MI | $256,081 | $1,742 | -$780 | +$816 |
| Seattle, WA | $730,101 | $4,581 | -$2,256 | +$2,304 |
| Minneapolis, MN | $375,610 | $2,559 | -$1,152 | +$1,188 |
| San Diego, CA | $910,768 | $5,524 | -$2,808 | +$2,880 |
| Tampa, FL | $354,666 | $2,451 | -$1,092 | +$1,116 |
| Denver, CO | $559,323 | $3,479 | -$1,728 | +$1,764 |
| Baltimore, MD | $391,727 | $2,531 | -$1,212 | +$1,236 |
| St. Louis, MO | $263,197 | $1,841 | -$816 | +$828 |
| Orlando, FL | $382,156 | $2,587 | -$1,188 | +$1,200 |
| Charlotte, NC | $382,169 | $2,393 | -$1,176 | +$1,212 |
| San Antonio, TX | $274,977 | $1,993 | -$840 | +$876 |
| Portland, OR | $536,764 | $3,414 | -$1,656 | +$1,692 |
| Sacramento, CA | $567,352 | $3,579 | -$1,752 | +$1,788 |
| Pittsburgh, PA | $221,009 | $1,539 | -$684 | +$696 |
| Cincinnati, OH | $297,208 | $2,040 | -$912 | +$948 |
| Austin, TX | $422,294 | $3,001 | -$1,308 | +$1,332 |
| Las Vegas, NV | $426,817 | $2,548 | -$1,308 | +$1,344 |
| Kansas City, MO | $311,790 | $2,161 | -$960 | +$984 |
| Columbus, OH | $319,706 | $2,199 | -$984 | +$1,008 |
| Indianapolis, IN | $285,179 | $1,883 | -$876 | +$900 |
| Cleveland, OH | $239,597 | $1,735 | -$744 | +$756 |
| San Jose, CA | $1,539,985 | $9,222 | -$4,752 | +$4,860 |
| Nashville, TN | $447,624 | $2,717 | -$1,380 | +$1,416 |
| Virginia Beach, VA | $359,155 | $2,375 | -$1,104 | +$1,140 |
| Providence, RI | $498,503 | $3,281 | -$1,536 | +$1,572 |
| Jacksonville, FL | $345,365 | $2,334 | -$1,068 | +$1,092 |
| Milwaukee, WI | $364,421 | $2,362 | -$1,128 | +$1,152 |
| Oklahoma City, OK | $239,569 | $1,728 | -$744 | +$756 |
| Raleigh, NC | $431,547 | $2,740 | -$1,332 | +$1,368 |
| Memphis, TN | $240,716 | $1,662 | -$744 | +$756 |
| Richmond, VA | $380,431 | $2,414 | -$1,176 | +$1,200 |
| Louisville, KY | $268,531 | $1,754 | -$828 | +$852 |
| New Orleans, LA | $252,775 | $1,973 | -$780 | +$792 |
| Salt Lake City, UT | $551,356 | $3,316 | -$1,692 | +$1,740 |
| Hartford, CT | $377,750 | $2,753 | -$1,164 | +$1,188 |
| Buffalo, NY | $273,962 | $1,688 | -$852 | +$864 |
| Birmingham, AL | $252,254 | $1,606 | -$780 | +$804 |
*Table ordered by market size
About Zillow Group
Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate app and website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, dedicated real estate professionals, and easier buying, selling, financing, and renting experiences.
Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans℠, Zillow Rentals®, Trulia®, Out East®, StreetEasy®, HotPads®, ShowingTime+℠, Spruce®, and Follow Up Boss®.
All marks herein are owned by MFTB Holdco, Inc., a Zillow affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). © 2025 MFTB Holdco, Inc., a Zillow affiliate.
(ZFIN)
1 Assuming a 20% down payment. Figures include estimates for principal, interest, taxes, insurance and maintenance costs.
2 For the purposes of this analysis, a home is considered affordable if the monthly payments would take up no more than 30% of a median income.
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SOURCE Zillow
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