Those with best credit profiles saw rates decline
Mortgage borrowers with the best credit profiles were offered 30-year conforming FRM rates with an average APR of 4.34% in June, down from 4.36% in May.
Meanwhile, those with average scores saw an average 5%. The loan note of 4.89% was the highest since March 2016 and was unchanged from May.
Those with credit scores of 760+ were offered an average 4.86% while those with scores between 680 and 719 were offered an average 5.14%. The spread was down to 27 basis points from 29 in May.
The figures are from LendingTree and based on borrowers who were offered mortgages from lenders on its platform.
Refinance loan offers were up 1 bp, to 4.37% for those with the best profiles but were up 11 bps, to 5.00% for the average borrower.
Shopping around cold have saved $26,690
LendingTree has also published its mortgage competition index which shows that those borrowers who shopped around could have saved $26,690 over the lifetime of a $300,000 30-year FRM.
The spread between the lowest and highest rates available from lenders on its platform was 0.58 percentage points for purchase loans.
For refinances, the spread was 0.67 percentage points.
