CHARLOTTE, N.C., July 30, 2019 /PRNewswire/ -- As interest
rates change, so too can the amount of money consumers save by
shopping around and comparing offers. LendingTree's latest analysis
shows that by shopping around for a mortgage, the average American
can save $47,560 over the life of a
30-year fixed rate mortgage. To help consumers understand how
much they can save, LendingTree created a Mortgage Rate Competition
Index, which measures the basis point spread between high and low
APRs offered to users through the LendingTree marketplace
LendingTree analysts used this index to analyze the difference
in rates and potential savings for mortgage shoppers in the 50
largest cities in the United
States, using the median loan amounts for each location.
This is a more detailed view of the national data we crunch every
week in our Mortgage Comparison Shopping Report.
Key findings
- Comparing mortgage offers before buying saves homebuyers the
most money in California. The
three cities where shoppers can save the most are San Francisco, Los
Angeles and San Diego.
Savvy shoppers can save more than $69,000 in San
Francisco, over $63,000 in
Los Angeles and more than
$58,000 in San Diego.
- The average buyer can save almost $134 a month when they shop around for a mortgage
loan. On the high end, buyers in San Francisco can save $194 a month. On the low end, buyers in
Albuquerque can still save $105 a
month if they shop around.
- Even less expensive cities register meaningful savings.
In Albuquerque, a low median home price of $192,500 and a spread of 94 basis points adds up
to $37,533 in savings over the
lifetime of a loan.
- There are significant savings for purchase borrowers in
every city. The range between the highest and lowest offers
varies between 83 basis points in Birmingham, Ala., and 101 basis points in
Memphis, Tenn., and Louisville, Ky. This translates from
$42,760 in savings in Birmingham to $54,580 in Memphis.
- Individual borrower results will vary. Our method uses
median values, so half of borrowers would see smaller savings. But,
just as important, half could see larger savings. There is no way
for a borrower to know where they fall without shopping around, so
it is imperative to compare offers.
To view the full report, visit:
https://www.lendingtree.com/home/mortgage/where-save-most-mortgage-shopping-summer-2019/
About LendingTree
LendingTree (NASDAQ: TREE) is the
nation's leading online marketplace that connects consumers with
the choices they need to be confident in their financial decisions.
LendingTree empowers consumers to shop for financial services the
same way they would shop for airline tickets or hotel stays,
comparing multiple offers from a nationwide network of over 500
partners in one simple search, and can choose the option that best
fits their financial needs. Services include mortgage loans,
mortgage refinances, auto loans, personal loans, business loans,
student refinances, credit cards and more. Through the My
LendingTree platform, consumers receive free credit scores, credit
monitoring and recommendations to improve credit health. My
LendingTree proactively compares consumers' credit accounts against
offers on our network, and notifies consumers when there is an
opportunity to save money. In short, LendingTree's purpose is to
help simplify financial decisions for life's meaningful moments
through choice, education and support. LendingTree, LLC is a
subsidiary of LendingTree, Inc. For more information, go to
www.lendingtree.com, dial 800-555-TREE, like our Facebook page
and/or follow us on Twitter @LendingTree.
MEDIA CONTACT:
megan.greuling@lendingtree.com
704-943-8208
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SOURCE LendingTree