A study by LendingTree found that comparing multiple loan offers can result in significant savings over the life of a loan. Borrowers who shop around can avoid paying more than necessary by checking rates and fees from several lenders.

According to the study, borrowers can save an average of $62,572 on a 30-year, fixed-rate mortgage, which translates to about $174 per month. This amount is down from the previous year, when savings averaged $80,024.

Further details on the study's findings are available, including the potential benefits of shopping around for a lower interest rate.