Although the majority of Americans consider themselves bargain hunters when shopping for various items or services, less than one-third of these consumers do not shop around for better prices when searching for a mortgage loan.
A recent study from LendingTree found that 79 percent of Americans consider themselves bargain hunters and 92 percent research prices online before buying an item. However, 30 percent of consumers seek the best prices when shopping for a major financial loan, such as a mortgage loan, while 18 percent indicated that they never look for better rates or prices on loans. On the other end of the spectrum, consumers seem to be more willing to shop around for much smaller purchases.
The uncertainty surrounding the highly anticipated interest rate hike has kept the industry on its toes about just when the Federal Open Market Committee will raise rates, but New York Fed President William Dudley has recently reversed his initial forecast for the increase, presenting even more skepticism. Dudley noted that his original forecast was altered by questions about a slowing global economy and its effect on the U.S. economy, which could potentially delay the rate increase further.