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. If these rates seem high compared to what ABBA First offers- THEY ARE! Our average 30 year rate is 3.875% to 4.0% for a 30 year rate purchase mortgage for borrowers with good to excellent credit. Please check our rates page or call one of our loan officers for the best rates advertised at 910-332-0650.
Across all 30-year fixed-rate mortgage purchase applications on LendingTree’s 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. Again, all that ABBA First can do is ask you to compare our rates with the competition and see for your self how much lower our rates are!