Home buyers could save an average of about $62,000 over the life of a 30-year fixed-rate mortgage—or $174 per month—just by gathering multiple quotes from lenders before they commit, according to a new study from LendingTree published this week. With the 30-year fixed-rate mortgage averaging 6.48%, lending experts say borrowers increasingly overlook one critical step that could help them get an even lower rate: shopping around for a mortgage. The report calls out what it terms "the $60,000 mistake" that too many home shoppers keep making.

The study found a 0.79-point rate spread between the lowest and highest average offers among lenders. For borrowers who received six or more offers from lenders, that spread increased to 0.98 points. While that may seem small, it can translate to about $174–$227 in monthly savings. Buyers in certain high-cost states may see even greater savings by shopping around for a mortgage—borrowers in Hawaii stand to save an average of $89,621 over the life of a 30-year loan, while those in New Jersey could save $81,955 and California buyers $81,705. The research also found that almost all borrowers who negotiated their mortgage rate were able to snag lower monthly payments, including 37% who ended up saving more than $100 per month. About a third of borrowers who negotiated closing costs or lender fees were able to reduce costs by $2,000 or more, while 12% said they saved more than $5,000.

"Shopping for a mortgage can feel intimidating, especially when rates are still relatively high, but this study shows how valuable it can be," says Matt Schulz, LendingTree's chief consumer finance analyst. "Even a small difference in interest rate can add up to tens of thousands of dollars over the life of a loan. That's money people could instead put toward retirement, emergencies or simply making their monthly budget a little less stressful." The report emphasizes that gathering at least three quotes from different lenders is preferred—but the more quotes, the greater the savings.

The report's recommendations focus on practical steps borrowers can take immediately. Because mortgage rates change daily, buyers are encouraged to shop among multiple lenders within a short window and compare not just interest rates, but APR (which includes fees), any discount points or rate-lock fees, and closing costs. The study advises gathering quotes from a variety of sources—like traditional banks, credit unions, online lenders, mortgage brokers, and community banks. Many buyers don't realize they can negotiate mortgage terms, just like they would for a car purchase, according to the report. Borrowers can negotiate on interest rates as well as closing costs or lender fees—and for those who did, it paid off. For financially sensitive buyers juggling mid-6% mortgage rates, these savings can make the difference between stretching a budget and building a comfortable cushion.