30-year fixed-rate mortgages inched up from last year's rates
With mortgage rates rising last week, LendingTree’s Mortgage Rate Competition Index revealed that the average borrower could have saved $38,123, while a refinance borrower could have saved $43,712.
The report showed that, for 30-year fixed-rate mortgages, 26% of purchase borrowers got offers under 5%, up from 13% last week. This is an increase from last year’s rate, when 0.3% of purchase offers were 4.375% – its most common interest rate.
Across all 30-year fixed-rate mortgage purchase applications on its website, the index climbed to 0.81, up 3 basis points from the week prior. Ultimately, this showed that the average borrower could have saved $38,123 on a $3000,000 loan over 30 years.
On the other hand, 31.3% of 30-year fixed-rate mortgage refinance borrowers received offers under 4.25%, rising from 12.1% one week before. This is higher than last year’s rate when 1% of refinance offers were under 4.25%.
And with a wider refinance market index of 0.93, the typical refinance borrowers could have looked for the lowest rate and cut back $43,712.
According to the report, the most common interest rate was 4.25% across all 30-year, fixed-rate mortgage refinance applications.
