If you’re looking to buy a home in 2026, there’s one common mistake that many buyers make, and it could potentially lead to thousands in lost savings.
According to a report from Zillow, nearly seven in 10 Americans submit only one application when securing a mortgage (1), and this could have a significant financial impact on purchasing a home.
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Mortgage rates have remained high since the pandemic. In 2022, the average 30-year fixed-rate mortgage in the U.S. climbed above 6%, and it hasn’t fallen below that mark since (2). And while Fannie Mae has projected the average 30-year fixed mortgage rate will drop to 5.9% by the end of 2026 (3), rates are likely to remain high compared to pre-pandemic levels.
However, high mortgage rates — the average rate for a 30-year fixed-rate mortgage sat at 6.18% as of December 2025 — haven’t been the only issue that homebuyers are facing. Home prices have also increased dramatically since the pandemic, with the average price of a home at the beginning of 2020 sitting at $246,326. As of November 2025, the average home price was $359,241, according to Zillow (4).
While Zillow reports that home affordability has eased in recent months — largely due to a dip in mortgage rates compared to 2024, as well as improved inventory (5) — many Americans are still facing a cost-of-living crunch overall.
That’s why shopping around for the best mortgage rate could be a big help when it comes to saving money on a home purchase.
A 2023 Freddie Mac study found that the variability in rates offered to buyers has increased since 2010 (6). In 2022, when rates climbed above 7%, mortgage rate dispersion — the variability between rates offered by lenders — climbed as rates increased, with the average dispersion hitting 0.5% in October and November of that year.
“The increase in rate dispersion means that consumers with similar borrower profiles are being offered a wide range of mortgage rates,” said Genaro Villa, macro and housing economics professional at Freddie Mac.
“In the context of today’s rate environment, although mortgage rates are averaging around 6%, many consumers that fit the same borrower profile could have received a better deal on one day and locked in a 5.5% rate, and on another day locked in a rate closer to 6.5%.”