Nearly half of home buyers don't shop for a mortgage

CNBC reports:

Americans may be spending more time shopping for shoes than for a mortgage, a report from the Consumer Financial Protection Bureau suggests. Almost half of consumers seeking a loan to purchase a home do not shop lenders, the agency said Tuesday.

A consumer taking out a 30-year mortgage for $200,000 and paying an interest rate of 4.5 percent will pay about $60 per month more than someone borrowing at 4 percent, and the borrower with the cheaper loan will also build equity faster, the report said.

Shopping update.