The next wave of servicing regulation is coming – Are you ready?

Join this webinar to learn what servicers need to know about recent and upcoming servicing compliance regulations and strategies experts are implementing to prepare for servicing regulatory audits.

How demographics shaped the housing market in 2021

The U.S. housing market entered a period of the best housing demographics ever recorded in history the same year that COVID grabbed hold of us.

@properties CEOs talk company growth and franchising

In this episode of HousingWire Daily, Mike Golden and Thad Wong from @properties discuss the future for the company including its nationwide franchising plans as it expands.

Keep Up With the Latest Third Party Origination News

Want to stay up to date with the latest on the third party origination front? We designed a specific news hub with lenders and brokers in mind, with Rocket Pro TPO leading the discussion.

Mortgage

Homebuyers, you could have saved $44,353 by shopping around for a mortgage last week

Last week, 42.3% of borrowers received rates under 4.25%

Mortgage borrowers who shopped around last week could’ve saved $44,353 on the life of a $300,000 loan, according to LendingTree's Mortgage Rate Competition Index.

The index measures the spread in the APR of the best offers available on its website. LendingTree derives that savings claim by comparing the amount a borrower would pay out of over the life of a loan at the lowest available interest rate on its site versus the highest available interest rate.

According to the company’s data, the share of borrowers who received rates under 4.25% ticked up to 42.3%, with the index growing to 0.94 for the week ending June 2, 2019. 

Although this percentage is only slightly up from last week’s 32.6%, it significantly surpasses 2018’s rate when just 0.06% of purchase offers were under 4.25%.

Notably, the report highlights that across all 30-year, fixed-rate purchase mortgage applications made on LendingTree’s website, 13.5% of borrowers were offered an interest rate of 4%, making it the most common interest rate.

When it came to 30-year fixed-rate refinance borrowers, 52% received offers under 4.25%, rising from 42.9% one week prior. Once again, this rate is still up from 2018’s rate when 0.02% of refinance offers were under 4.25%.

So, with a wider refinance market index of 1.10, the typical refinance borrower could have saved $52,504 by shopping around for the lowest rate.

According to the report, across all 30-year, fixed-rate refinance applications, the most common interest rate was 4.125%. This rate was offered to 18.9% of borrowers.

This image highlights the distribution of last week's interest rates:

 (Click to enlarge; Source: LendingTree)

LendingTree: Mortgage competion 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

Treasury removes restrictions on investment properties

The Treasury Department and FHFA announced Tuesday that they are suspending certain requirements that were added in January to the Preferred Stock Purchase Agreements (PSPAs) between Treasury and Fannie Mae and Freddie Mac.

Sep 14, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please