Even with low mortgage rates, it pays to shop around. That’s the message mortgage originators might want to get out to potential customers for both mortgages and refinancing.
New research by Lending Tree (via Forbes), shows comparison shopping is important no matter how low rates seem to go. The difference could be up to $66,000 over the course of a typical mortgage in San Francisco, for example.
In Las Vegas, according to the article, despite low interest rates, numbers can vary more than a full point for the same borrower. Milwaukee and Virginia Beach, Virginia, also see spreads of a full percent or higher.
For existing homeowners looking to refinance, the biggest spreads are in Louisville, Kentucky.; Oklahoma City; Grand Rapids, Michigan.;Albuquerque, New Mexico; and Minneapolis. In Louisville, refi shoppers who get at least five quotes can see rates as far apart as 1.32 percent.
Read more about the differences in rates.