Monthly report tracks offers made by lenders on the platform
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There was little change in the best mortgage offers made by lenders on the LendingTree platform in August.
The firm’s monthly Mortgage Offers Report shows that the best APRs offered to those with the best credit profiles were 4.32% for average conforming 30-year purchase FRMs; and 4.35% for refinances.
That means a slight increase from 4.31% for purchases in July while there was no change for refinances.
For the average borrower, purchase APRs for conforming 30-year fixed loans offered on LendingTree's platform was 4.99%, unchanged from the previous month. The loan note rate of 4.87% is the lowest since April.
Those with scores of 760 and above were offered APRs of 4.84%, while those with scores of 680-719 were offered an average 5.13%.
That means with an average purchase loan amount of $230,645, the APR spread of 29 bps between these score ranges represents almost $15,000 in additional costs over 30 years for borrowers with lower credit scores.
For refinance loans, the average loan amount of $239,517 would cost just above $12,000 extra for those with the lower scores, based on a 23 bps spread, and an average rate of 4.98%.
