Adam Constantine on MLK Jr.’s impact on housing equality

During the interview, Constantine explains why the industry needs to focus on evoking intentional change rather than launching lackluster initiatives.

Navigating capacity concerns amidst record-high volumes

High loan volumes continues to loom large in the new year, making the “one-stop-shop” approach to the servicing and lending process even more appealing.

How servicers continue to protect neighborhoods amid COVID

We spoke with MCS CEO Caroline Reaves about self-service technology, the shift to virtual and how servicers can prepare for post-COVID success by improving processes today.

How student loan debt impact homeownership

Student loan expert Catalina Kaiyoorawongs shares her practical and tangible advice for people who feel overwhelmed by their student loan debt.

Mortgage

LendingTree: Pool of mortgage borrowers receiving interest rates under 5% is shrinking

84.2% of borrowers received mortgages under 5%

LendingTree's latest Mortgage Rate Competition Index revealed that borrowers with interest rates under 5% slid further for the week ending Feb. 17, 2019. 

The report states that for 30-year fixed-rate mortgages, 84.2% of purchase borrowers received offers with interest rates under 5%, falling from 87.8% last week. Notably, this is a decrease from 2018’s rate when 88.2% of purchase offers were under 5%.

The report also highlights that across all 30-year, fixed-rate mortgage purchase applications made on LendingTree’s website, 21.2% of borrowers were offered an interest rate of 4.625%, making it the most common interest rate.

Furthermore, 80.5% of 30-year fixed-rate mortgage refinance borrowers received offers under 5%, rising from 78.8% one week prior. This is moderately down from 2018’s rate when 85.1% of refinance offers were under 5%.

Lastly, across all 30-year, fixed-rate mortgage refinance applications, the most common interest rate was 4.625%. This rate was offered to 20.7% of borrowers, according to the report.

When it came to mortgage competition, LendingTree reports that across all 30-year fixed-rate mortgage purchase applications on its site, the index came in at 0.68. However, the refinance market index was wider, coming in at 0.78.

“The distribution of rates — and as a result, the Mortgage Rate Competition Index — has widened as rates increased, reflecting how mortgage lenders may change the rates at which they can offer consumers loans, depending on their unique business circumstances,” LendingTree writes.

 (Click to enlarge, Source: LendingTree)

Mortgage Competition Index

NOTE:  The LendingTree Mortgage Rate Competition Index measures the spread in the APR of the best offers available on its website.

Most Popular Articles

Prepare for the rise in mortgage rates

Economists offer their takes on how high mortgage rates will climb, how lenders will respond and what impact this will have on the housing market. HW+ Premium Content

Jan 18, 2021 By

Latest Articles

Senate Finance Committee unanimously approves Yellen

In a unanimous 26-0 vote, the Senate Finance Committee approved Janet Yellen’s nomination to the U.S. Treasury Secretary on Friday. Senate Majority Leader Chuck Schumer said there would be no other votes in the Senate on Friday, meaning there will not be confirmation of Yellen as Treasury Secretary until this weekend or next week, if she is approved.

Jan 22, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please