Mortgage rates have risen to 6.55%, increasing borrowing costs and making affordability a concern. Most buyers overpay by more than $3,300 annually due to not shopping around. Buyers should check credit reports, get multiple preapprovals, and compare offers from banks, credit unions, brokers, and direct lenders. Key questions include loan APR, fees, down-payment assistance, and loan terms. Shopping around can save significant money despite concerns about credit inquiries.