Core Insights - Many homebuyers make the mistake of submitting only one mortgage application, which can lead to significant financial losses [1] - High mortgage rates have persisted since the pandemic, with the average 30-year fixed-rate mortgage remaining above 6% since 2022 [2] - Home prices have dramatically increased since the pandemic, with the average home price rising from $246,326 in early 2020 to $359,241 by November 2025 [3] Mortgage Rate Trends - The average 30-year fixed mortgage rate is projected to drop to 5.9% by the end of 2026, but rates will likely remain high compared to pre-pandemic levels [2][3] - A 2023 Freddie Mac study indicates that the variability in mortgage rates offered to buyers has increased since 2010, with significant dispersion noted in 2022 [5] Home Affordability and Market Conditions - Home affordability has improved recently due to a dip in mortgage rates and better inventory, yet many Americans still face overall cost-of-living challenges [4] - The increase in rate dispersion means consumers with similar profiles may receive a wide range of mortgage rates, highlighting the importance of shopping around for the best deal [6]