Research: Americans overpay $65 billion annually on mortgages.

Due to not comparing multiple options when applying for a mortgage to find the best mortgage rate, American homebuyers and homeowners have collectively paid billions of dollars more. Currently, the high housing prices in the United States and the high mortgage rates make it daunting for people to buy a home. Comparing prices from multiple sources is one of the few ways to reduce the cost of buying a home. However, many people do not do so, including high-income individuals. A study by Bankrate CEO Matt Ferse and Business Intelligence Analyst Jack O'Connor shows that Americans who have bought homes since 2022 are now collectively paying around $65 billion more in mortgage costs each year, money that could have been avoided. They found that higher income and older individuals often pay the highest costs. The study is set to be published on Thursday. Nobody likes repeatedly submitting tax returns and bank statements within a tight timeline, let alone comparing and bargaining between loan institutions. Despite inflation causing recent mortgage rates to stay at 6%, many Americans have only requested one loan quote. On Thursday, the average interest rate for a 30-year fixed-rate mortgage was 6.49%.