30. Hartford, Connecticut

Older couple in the winter
Dan Hamscom / Shutterstock

A homebuyer in Hartford who shops around and compares rates can save an average $36,383 in interest costs over the life of a 30-year fixed-rate mortgage.

  • Median loan amount: $306,250
  • Monthly interest savings: $102
  • Yearly interest savings: $1,224

29. Nashville, Tennessee

Older couple in Tennessee
opkirilka / Twenty20

A homebuyer in Nashville who comparison-shops for a mortgage can save an average $36,465 in interest costs over the life of a 30-year fixed-rate mortgage.

  • Median loan amount: $276,250
  • Monthly interest savings: $102
  • Yearly interest savings: $1,227

28. Jacksonville, Florida

Family sitting on a beach in Florida
ArrowStudio / Shutterstock

A homebuyer in Jacksonville who shops around and compares rates can save an average $36,789 in interest costs over the span of a 30-year fixed-rate mortgage.

  • Median loan amount: $220,000
  • Monthly interest savings: $103
  • Yearly interest savings: $1,238

27. Portland, Oregon

Family in the woods
Brocreative / Shutterstock

A homebuyer in Portland who gathers rates from multiple lenders and compares them can save an average $37,158 in interest costs over the life of a 30-year fixed-rate mortgage.

  • Median loan amount: $332,500
  • Monthly interest savings: $104
  • Yearly interest savings: $1,251

26. Virginia Beach, Virginia

Older couple in Vineyard
Dora Ramirez / Shutterstock

A homebuyer in Virginia Beach who shops around and compares rates can save an average $37,332 in interest costs over the life of a 30-year fixed-rate mortgage.

  • Median loan amount: $221,800
  • Monthly interest savings: $105
  • Yearly interest savings: $1,256

25. Miami

Older couple sitting on bend overlooking water
Backstage Bettie / Shutterstock

A homebuyer in Miami who compares rates from multiple lenders can save an average $37,336 in interest costs over the life of a 30-year fixed-rate mortgage.

  • Median loan amount: $261,250
  • Monthly interest savings: $105
  • Yearly interest savings: $1,257

This study focused on mortgage "purchase loans," for homebuyers, but homeowners are enjoying big savings, too — by refinancing.

24. Raleigh, North Carolina

Older couple on boardwalk
iofoto / Shutterstock

A homebuyer in Raleigh who shops around and compares rates can save an average $37,867 in interest costs over the life of a 30-year fixed-rate mortgage.

  • Median loan amount: $300,000
  • Monthly interest savings: $106
  • Yearly interest savings: $1,274

What kind of savings are available for homeowners who refinance into a lower rate? About $60 a month for every $100,000 borrowed, compared to mortgages taken out a year ago, LendingTree says.

23. Dallas

Couple in Texas
ehenry85 / Twenty20

A homebuyer in Dallas who shops around and compares rates can save an average $37,959 in interest costs over the course of a 30-year fixed-rate mortgage.

  • Median loan amount: $285,000
  • Monthly interest savings: $106
  • Yearly interest savings: $1,277

22. Denver

Family skiing in Colorado
amyrenee40k / Twenty20

A homebuyer in Denver who shops around and compares rates can save an average $38,199 in interest costs over the life of a 30-year fixed-rate mortgage.

  • Median loan amount: $340,000
  • Monthly interest savings: $107
  • Yearly interest savings: $1,286

21. Washington, D.C.

Family in Washington D.C.
Hay Kesteloo / Shutterstock

A homebuyer in Washington who shops around and compares rates can save an average $38,812 in interest costs over the life of a 30-year fixed-rate mortgage.

  • Median loan amount: $337,500
  • Monthly interest savings: $109
  • Yearly interest savings: $1,306

20. Atlanta

Older couple in Georgia
Fotoluminate LLC / Shutterstock

A homebuyer in Atlanta who comparison-shops for a mortgage can save an average $39,152 in interest costs over the span of a 30-year fixed-rate mortgage.

  • Median loan amount: $297,500
  • Monthly interest savings: $110
  • Yearly interest savings: $1,318

19. Louisville, Kentucky

Family sitting in truck
Ursala Page / Shutterstock

A homebuyer in Louisville who shops around and compares rates can save an average $39,182 in interest costs over the life of a 30-year fixed-rate mortgage.

  • Median loan amount: $262,500
  • Monthly interest savings: $110
  • Yearly interest savings: $1,319

Buying your first home? Pulling together your down payment can seem daunting, but several programs are out there that can help.

18. Austin, Texas

Family in red
Bonita R Chesier / Shutterstock

A homebuyer in Austin who shops around and compares rates can save an average $39,211 in interest costs over the life of a 30-year fixed-rate mortgage.

  • Median loan amount: $297,500
  • Monthly interest savings: $110
  • Yearly interest savings: $1,320

17. Cleveland

Mom and kids in Ohio
tamaradavis93 / Twenty20

A homebuyer in Cleveland who shops around and compares rates can save an average $39,235 in interest costs over the life of a 30-year fixed-rate mortgage.

  • Median loan amount: $253,750
  • Monthly interest savings: $110
  • Yearly interest savings: $1,320

16. Kansas City, Missouri

Older couple outside
Lana G / Shutterstock

A homebuyer in Kansas City who shops around and compares rates can save an average $39,841 in interest costs over the course of a 30-year fixed-rate mortgage.

  • Median loan amount: $260,000
  • Monthly interest savings: $112
  • Yearly interest savings: $1,341

15. Orlando, Florida

Older couple biking on the beach
sirtavelalot / Shutterstock

A homebuyer in Orlando who shops around and compares rates can save an average $40,341 in interest costs over the life of a 30-year fixed-rate mortgage.

  • Median loan amount: $233,750
  • Monthly interest savings: $113
  • Yearly interest savings: $1,358

Orlando also is the city with the third-largest typical spread between mortgage rates offered by lenders: 0.87 of a percentage point. In other words, one lender might offer a mortgage at 3.50% but another might want you to pay 4.37% (0.87 more).

14. New Orleans

Person sitting on doorstep
ashtonsaywahh / Twenty20

A homebuyer in New Orleans who shops around and compares rates can save an average $40,484 in interest costs over the life of a 30-year fixed-rate mortgage.

  • Median loan amount: $262,500
  • Monthly interest savings: $114
  • Yearly interest savings: $1,362

13. Memphis, Tennessee

Family eating a meal together
Monkey Business Images / Shutterstock

A homebuyer in Memphis who shops around and compares rates can save an average $40,799 in interest costs over the span of a 30-year fixed-rate mortgage.

  • Median loan amount: $337,500
  • Monthly interest savings: $114
  • Yearly interest savings: $1,373

12. Chicago

Older couple by lake
XinXinXing / Shutterstock

A homebuyer in Chicago who shops around and compares rates can save an average $40,815 in interest costs over the life of a 30-year fixed-rate mortgage.

  • Median loan amount: $285,000
  • Monthly interest savings: $114
  • Yearly interest savings: $1,374

11. Houston

Family walking in Indianapolis
jamiesue / Twenty20

A homebuyer in Houston who comparison-shops for a mortgage can save an average $41,821 in interest costs over the life of a 30-year fixed-rate mortgage.

  • Median loan amount: $268,750
  • Monthly interest savings: $117
  • Yearly interest savings: $1,407

10. Fresno, California

Older couple in Vineyard
Dora Ramirez / Shutterstock

A homebuyer in Fresno who shops around and compares rates can save an average $42,833 in interest costs over the life of a 30-year fixed-rate mortgage.

  • Median loan amount: $260,000
  • Monthly interest savings: $120
  • Yearly interest savings: $1,442

A popular alternative to a 30-year mortgage is the 15-year fixed-rate mortgage. You'll pay off the loan faster and slash your total interest costs, but the monthly payments can be much steeper.

9. Phoenix

Older couple hiking in Arizona
ron4 / Twenty20

A homebuyer in Phoenix who shops around and compares rates can save an average $43,827 in interest costs over the life of a 30-year fixed-rate mortgage.

  • Median loan amount: $300,000
  • Monthly interest savings: $123
  • Yearly interest savings: $1,475

8. St. Louis

Older couple looking over harbor
2p2play / Shutterstock

A homebuyer in St. Louis who comparison-shops can save an average $44,413 in interest costs over the life of a 30-year fixed-rate mortgage.

  • Median loan amount: $261,250
  • Monthly interest savings: $125
  • Yearly interest savings: $1,495

7. Las Vegas

Family bike riding in Nevada
Brocreative / Shutterstock

A homebuyer in Las Vegas who shops around and compares rates can save an average $45,315 in interest costs over the life of a 30-year fixed-rate mortgage.

  • Median loan amount: $300,000
  • Monthly interest savings: $127
  • Yearly interest savings: $1,525

6. Greensboro, North Carolina

Older couple on boardwalk
iofoto / Shutterstock

A homebuyer in Greensboro who shops around and compares rates can save an average $45,776 in interest costs over the course of a 30-year fixed-rate mortgage.

  • Median loan amount: $241,250
  • Monthly interest savings: $128
  • Yearly interest savings: $1,541

Greensboro is the city with the second-largest average spread between mortgage rates, according to LendingTree — nearly one full percentage point (0.96 of a point). For buyers here, comparison-shopping for a loan is really essential.

5. Charlotte, North Carolina

Older couple sitting on a boardwalk
Jenny Sturm / Shutterstock

A homebuyer in Charlotte who shops around and compares rates can save an average $47,742 in interest costs over the life of a 30-year fixed-rate mortgage.

  • Median loan amount: $297,500
  • Monthly interest savings: $134
  • Yearly interest savings: $1,607

4. Salt Lake City

Older couple in Utah
Fotoluminate LLC / Shutterstock

A homebuyer in Salt Lake City who shops around and compares rates can save an average $48,456 in interest costs over the life of a 30-year fixed-rate mortgage.

  • Median loan amount: $340,000
  • Monthly interest savings: $136
  • Yearly interest savings: $1,631

3. Albuquerque, New Mexico

Family hiking in New Mexico
margaret.wiktor/ Shutterstock

A homebuyer in Albuquerque who shops around and compares rates can save an average $52,229 in interest costs over the life of a 30-year fixed-rate mortgage.

  • Median loan amount: $367,500
  • Monthly interest savings: $146
  • Yearly interest savings: $1,758

2. Boston

Older couple walking through a park
Amy Lutz / Shutterstock

A homebuyer in Boston who comparison-shops for a mortgage can save an average $57,093 in interest costs over the life of a 30-year fixed-rate loan.

  • Median loan amount: $296,250
  • Monthly interest savings: $160
  • Yearly interest savings: $1,921

Boston has the biggest average spread between the highest and lowest mortgage rates offered by lenders: 0.97, or very close to one full percentage point. As they might say here, it's wicked important to shop around and compare rates.

1. San Francisco

Family in front of Golden Gate Bridge
Jon Osumi / Shutterstock

A homebuyer in San Francisco who shops around and compares rates can save the most, according to the LendingTree study: an average $59,612 in interest costs over the life of a 30-year fixed-rate mortgage.

  • Median loan amount: $416,250
  • Monthly interest savings: $167
  • Yearly interest savings: $2,006

Find the best mortgage rates in your area today:

About the Author

Doug Whiteman

Doug Whiteman

Editor-in-Chief

Doug Whiteman is the editor-in-chief of MoneyWise. He has been quoted by The Wall Street Journal, USA Today and CNBC.com and has been interviewed on Fox Business, CBS Radio and the syndicated TV show "First Business."

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