LendingTree’s Mortgage Offers Report revealed
A monthly measure of mortgage offers across various credit profiles has shown a widening of the gap.
LendingTree’s Mortgage Offers Report uses data from those offered loans by lenders on the platform and finds that in September, those with the best credit profiles received an average 4.39% rate for 30-year FRMs, up from 4.32% in August. Refinance offers were up 5 basis points to 4.40%.
For the average borrower, purchase APRs for conforming 30-year FRMs offered on the platform were 5.09%, up 10 basis points from August. The loan note rate of 4.96% is the highest rate of the year.
Consumers with the highest credit scores (760+, representing the 65th percentile of borrowers) received APRs of 4.95%, versus 5.25% for consumers with scores of 680 to 719. That would translate to a $15,000 higher cost during the lifetime of the loan.
For the average borrower, refinance APRs for conforming 30-year fixed loans were up 11 bps from August to 5.09%, amounting to an extra $13,000 during the lifetime of the loan.
Average proposed purchase down payments were down about $150, to $56,786.
