Consumers not shopping around for home loans

During this time of year, consumers are spending a lot of time shopping around, looking for deals. But a new study says that one thing people aren't shopping around for is their mortgage.

A survey for LendingTree by Harris Interactive found that while 96 percent of Americans said that they regularly compared prices, almost 40 percent failed to get more than one quote for a home loan or refinance. That lack of options also created uneasiness, as just 28 percent said they felt confident they got the best rate.

"Choosing a mortgage is probably the most important financial decision most of us will ever make, yet many consumers simply take the first offer that comes their way," said Doug Lebda, chairman and CEO of LendingTree. "It's a gamble that leaves many borrowers uncertain they've received the best deal on their mortgage."

The report pointed to irritation as one of the potential reasons. Seventy percent of survey respondents said that shopping for a mortgage was frustrating.

Getting a better mortgage deal may help buyers be able to purchase larger Houston homes than they otherwise could. According to the Houston Association of Realtors, the median home price for Houston in November was $150,000.