Most homebuyers don't shop around for a mortgage, research shows. Why that's a bad idea

For homebuyers, getting one preapproval for a mortgage that has palatable terms may seem good enough.

More than two-thirds — 69% — of homebuyers submit only one mortgage application, according to a new report from Zillow.

However, you shouldn’t stop there, experts say. With the average interest rate on a traditional 30-year mortgage sitting above 6.2% as of Friday, even a half-point difference in the rate can be a game-changer for some homebuyers, who already face elevated prices on housing and other necessary expenditures like groceries, health insurance and utilities.

“In my experience, shopping around for a mortgage is one of the most overlooked opportunities for consumers to improve their financial outcome,” said certified financial planner Mike Casey, founder and president of AE Advisors in Alexandria, Virginia.

“Many borrowers default to the lender recommended by a real estate agent or their existing bank without comparing alternatives,” Casey said.