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A Zillow report shows nearly 70% of buyers fail to compare rates

By Mark Huffman of ConsumerAffairs

• Nearly sevenin 10 mortgage shoppers submit only one application.

• A buyer can save $1,100 a year by reducing their mortgage rate 50 basis points when they purchase a typical U.S. home.

• A savings of this size would have made 22,000 more homes on the market affordable for a median-income U.S. household.

If youre buying a house, you look at more than one home before making a decision, right? When it comes to selecting a mortgage, it also pays to consider more than one financing offer, but a new report from Zillow found most buyers dont.

Nearly seven in 10 home buyers apply with just one mortgage lender, according to Zillows Consumer Housing Trends Report. That shortcut can be expensive, potentially adding tens of thousands of dollars to the cost of a home over the life of a loan.

Mortgage rates vary more than many buyers realize. Even a difference of half a percentage point can significantly change a monthly payment and a buyers long-term financial picture.

On a typical U.S. home priced around $360,000, a buyer with a 6.24% 30-year fixed mortgage (the November average) would pay about $2,345 a month. At 5.74%, a rate commonly seen by shoppers who compare multiple lenders, that payment drops to $2,253.

Thats roughly $1,100 a year in savings money that stays in the buyers pocket instead of going to interest.

An increase in affordability

In fact, Zillow estimates that those savings would have made 22,000 more homes nationwide affordable to a median-income household in November alone.

Rate shopping matters everywhere, but it can be a game changer in higher-cost markets.

• In San Jose, a lower rate could save a buyer about $4,750 a year.

• Buyers in six other major metros could save more than $2,000 annually.

• In Dallas, rate shopping would have brought more than 1,200 additional listings within reach of a typical buyers budget the most of any metro in the country.

For buyers struggling with affordability, that difference can mean the difference between settling and finding the right home.

Why rates vary so much

Many shoppers assume mortgage rates are essentially the same everywhere. Theyre not.

Lenders weigh credit scores, income, loan types, and market conditions differently. Past research shows just how wide the gap can be:

• A Zillow analysis found spreads of 90 to 130 basis points between the best and worst offers for similar borrowers.

• A more recent Freddie Mac study found rates can shift 50 basis points in either direction depending on the lender.

In other words, the same buyer can receive very different offers simply by asking.

While a lower interest rate usually means a lower monthly payment, experts caution buyers to look beyond the headline number. Loans with lower rates may come with:

• Higher closing costs

• Larger down payment requirements

• Other fees that offset the savings

The key is to compare the entire loan package, not just the interest rate.

Holiday returns used to be annoying. In 2025, they can be expensive

• Free returns arent always free anymore: lots of retailers now deduct mail-in return fees, so your best move is in-store returns

• Fraud detection is getting smarter: retailers are using AI + image checks to flag sketchy returns, so make a quick paper trail to protect yourself

• Deadlines can be sneaky (especially electronics): holiday windows look generous, but Apple items, activatable devices, phones, and certain electronics often have shorter return periods

The National Retail Federation says consumers are expected to return a whopping $849.9 billion worth of merchandise in 2025. With numbers like that, theres a good chance youll be standing in a returns line somewhere in the next couple weeks.

With that said, I want you to be aware that your post-Christmas return this year just might look a little different. Stores are tossing in mail-in return fees, using AI to look for return fraud, and making some return exceptions that are often buried on their website.

Heres your playbook to keep your returns smooth, fast, and as close to a full refund as possible.

Change #1: Free returns often depends on how you return

How you choose to return something you bought onlinecan easily shrink your refund.

Many retailers, including Macys ($9.99), JCPenney ($8), J.Crew ($7.50), and Nordstrom Rack ($9.95) are now charging you to send back packages via the mail.

Smart workaround: when you see a mail-in fee, always try to switch to afree option.

• Return in-store (even if you bought it online). In-store returns arealmost always allowed and they're typicallyfree.
• Use a retailers label-free / box-free drop-off option, if available.
• If the retailer offers multiple return methods at checkout, be sure to choose the one that wont cost you part of your refund.

Pro tip: If you bought something early and its wrong/broken/missing pieces, returning before December 25th is about the smartest thing you can do as youll avoid the post-Christmas returns blitz.

Change #2: stores are upping their fraud detection game

Retailers have a return problem. Theyre fighting hard against fraudulent returns and decoy returns (when someone sends back the wrong item or an empty box), and the tools they use to fight this are getting very sophisticated.

Specifically, Reuters reports that UPS-owned Happy Returns is testing an AI tool called Return Vision that flags suspicious returns by comparing returned items to purchase images and other signals theyre keeping close to the vest.

This doesnt mean normal shoppers are going to be getting in trouble. But it does meanyou should consider a few things to keep your returns as drama-free as possible.

Build a 20-second paper trail:

• Always snap 2 photos of your return: one of the items condition, and one of the actual product in the box (or on the returns counter).
• Be sure to keep the drop-off receipt or confirmation email.
• Use the same email/account used to purchase when starting the return to avoid any confusion.

A small amount of work ahead of time is going to help you immensely if you have any issues.

Make smart Amazon returns...they're watching

I had an Amazon rep tell me recently that they're keeping a closer eye on your returns this holiday.

Specifically, be warned that they're tracking returns where you tell them the reason for the return is Amazon's fault. This includes selecting these options: inaccurate website description, product damaged, wrong item sent, and didn't approve purchase.

Many shoppers are falsely using these options as their default reasons for the return in order to not get hit by a return shipping fee. Amazon is taking notice and if you use theseexcuses too often, you could get your account flagged.

Also, it's safe to assume they're using AI tools to help them determine those who fraudulentlyselect these return reasons.

To avoid potentially getting your account flagged, always look for the free returnoptions atWhole Foods, Staples, Kohl's, UPS Store, and even at many Amazon Hub lockers. By selecting one of these options,itdoesn't matter who's at fault, your return is typicallyfree.

Know the return deadlines that matter the most

Many stores have an extended holiday returnwindowthat gives gift receivers until mid to late January to make their return.

But there are a few exceptions to this that you need to be aware of this year so you dont get stuck with something you dont want.

• Target: For their holiday returns window, electronics and entertainment items (excluding Apple/Beats) purchased Nov. 1Dec. 24, 2025 have returns starting Dec. 26 and must be returned by Jan. 24, 2026. ButApple/Beats and prepaid/unlocked phones must be returned by Jan. 8, 2026.
• Amazon: Most items purchased Nov. 1Dec. 31, 2025 can be returned through Jan. 31, 2026. ButApple-branded products have a shorter window, through Jan. 15, 2026.
• Walmart: Most items purchased Oct. 1Dec. 31, 2025 are returnable until Jan. 31, 2026. But there are exceptions: major appliances (2 days), wireless phones (14 days), and consumer electronics (30 days).
• Best Buy: Their policy gives shoppers through Jan. 15, 2026 for most returns. But holiday dcor only gets 15 days from date of purchase, and any device they consider activatable only gets 14 days.
• Apple Store: Anything bought between Nov. 12-Dec. 25, 2025 is returnable through Jan. 8, 2026. Exceptall carrier-financed iPhones with both T-Mobile andVerizon, those fall under Apples standard 14-day return policy.

Pro tip: If it plugs in, pairs with your phone, or has an Apple logo anywhere on it, always check the return deadline first. These products usually come with a return window thats worse than the stores regular return policy.

Total savings for seniors may hit $15 billion

• Out-of-pocket costs for the first 10 Medicare-negotiated prescription drugs will fall by more than 50% on average starting Jan. 1, 2026

• Nearly 9 million Medicare seniors use the drugs, which treat conditions such as diabetes, heart disease, cancer and autoimmune disorders

• Total savings for Medicare Part D enrollees are expected to reach $1.5 billion in 2026, according to federal estimates

Out-of-pocket costs for some of the most commonly used prescription drugs among Medicare seniors are set to fall dramatically in 2026, according to a new report released Tuesday by AARP.

The analysis finds that people enrolled in stand-alone Medicare Part D plans will see their out-of-pocket costs for the first 10 Medicare-negotiated drugs drop by an average of more than 50% when negotiated prices take effect on Jan. 1, 2026. The medications are used by nearly 9 million Medicare beneficiaries and are prescribed to treat serious and chronic conditions, including diabetes, heart disease, autoimmune disorders and cancer.

The price reductions stem from Medicares new drug price negotiation authority, created under the 2022 prescription drug law that AARP strongly supported. The program allows Medicare to negotiate prices directly with drug manufacturers for select high-cost medications, a shift that advocates say is long overdue.

Major savings for seniors

AARP officials say the savings will make a meaningful difference for older Americans who have struggled with rising drug prices and difficult choices between medication and other basic needs.

Medicare prescription drug negotiation is on track to deliver billions in savings for Americas seniors starting in January, making lifesaving medication more affordable, said Nancy LeaMond, AARPs executive vice president and chief advocacy and engagement officer. But beware: big drug companies are spending millions to delay negotiation and keep prices sky highwhile lining their own pockets.

LeaMond said AARP will continue to oppose efforts to weaken or delay the negotiation program, emphasizing the organizations role as an advocate for older Americans and their families.

According to the Centers for Medicare & Medicaid Services, the negotiated prices are expected to save Medicare Part D enrollees about $1.5 billion in out-of-pocket costs in 2026 alone.

Improved access and coverage

The AARP report analyzed stand-alone Part D plan data from five states with high Medicare enrollment and found that lower negotiated prices are translating into measurable, real-world savings.

Among the key findings:

• Seven of the 10 negotiated drugs are expected to cost enrollees less than $100 per month in 2026

• All stand-alone Part D plans reviewed in the study will cover all 10 drugs next year, an increase compared with current coverage levels

Leigh Purvis, AARPs prescription drug policy principal and the reports author, said the changes could improve access for seniors who previously struggled to afford these medications.

Our report shows that Medicare beneficiaries should see substantially lower monthly costs for these medicines in 2026, Purvis said. This will improve access for seniors who were previously facing high out-of-pocket costs and confirms that Medicare drug price negotiation is providing real benefits for people in the Medicare program.

Industry opposition continues

While consumer advocates have praised the negotiation program, pharmaceutical companies have mounted legal challenges and lobbying efforts aimed at delaying or blocking its implementation. Drugmakers argue the policy could harm innovation, a claim AARP and other advocates dispute.

Supporters counter that high drug prices have already limited access for many patients and that negotiated pricing helps ensure Medicare beneficiaries can obtain needed treatments without financial hardship.

What comes next

The negotiated prices for the first 10 drugs are scheduled to take effect at the start of 2026, with additional medications expected to be added to the program in future years.

The full AARP report is available online, along with additional information about the organizations efforts to lower prescription drug prices and expand affordability for older Americans.

Florida rental markets cooling, Midwest stays warm

• U.S. single-family rents rose 0.9% year over year in October 2025, down sharply from a 2.8% increase a year earlier

• Forty of the 50 largest metros posted slower annual rent growth, with 18 seeing outright declines

• Florida markets continue to cool, while Midwest metros show greater resilience

Single-family rent growth slowed significantly in October as the national market continued a multiyear cooling trend, according to new data from Cotality.

The companys latest Single-Family Rent Index, based on October 2025 data, shows rents rising 0.9% year over year less than one-third of the increase recorded during the same period last year. While rents are still climbing nationally, the pace of growth has eased across most major metropolitan areas.

Forty of the largest 50 metros posted lower annual rent growth compared to October 2024, said Molly Boesel, senior principal economist at Cotality. Eighteen metros saw outright year-over-year declines in the Single-Family Rent Index, with half of those declines occurring in Florida.

Rent growth moderates but remains elevated

Despite the slowdown, Cotality said rent levels remain well above pre-pandemic norms. Annual rent growth peaked in March 2022, and while increases have decelerated for more than three years, the national index in October was still about 9% higher than the 2022 average.

Boesel described the trend as a normalization rather than a reversal, noting that affordability pressures and regional market differences continue to influence rent performance.

Florida cools as Midwest holds steady

Regional differences are becoming more pronounced as the market adjusts. Several Florida metros, including Cape Coral and North Port, posted two consecutive years of annual rent declines, signaling a correction after rapid growth earlier in the decade.

In contrast, Midwest markets such as Chicago and Detroit continue to show comparatively strong rent growth, reflecting steadier demand and more balanced supply conditions.

High-end rentals outpace lower-end growth

Rent growth slowed across price segments, though lower-end properties saw a sharper deceleration.

High-end single-family rents rose 1.4% year over year in October, down from a 3.3% increase in October 2024. Low-end rents increased just 0.4%, compared with a 2.7% gain a year earlier.

Cotality said the divergence suggests affordability challenges are weighing more heavily on budget-conscious renters, while demand for higher-priced rentals remains more resilient, even as growth moderates.

Detached rentals trail attached properties

Rent growth also varied by property type. Detached single-family rentals posted a 0.8% annual increase in October, while rents for attached rentals rose 1% year over year.

Chicago leads large metros as Dallas declines

Among the nations 10 largest metropolitan areas, Chicago recorded the highest rent growth at 4.6% in October. Washington, D.C., and Detroit followed at 2.4% each, with Philadelphia (2.2%) and Los Angeles (0.6%) rounding out the top five.

Dallas continued to post the weakest performance among major metros, with rents declining 1.3% year over year.

Cotality said its next Single-Family Rent Index report, featuring November 2025 data, will be released on January 15. More housing market insights are available on the companys Cotality Insights blog.