Mortgage rates have been hitting record lows during the economic downturn and could fall even further
When it comes to refinancing a mortgage, for those with credit scores 760 and higher, the average lowest rate is 3.23%.
Below are the average differences, or spreads, between the highest and lowest annual percentage rates offered to the same borrowers across loan types and credit score ranges on LendingTree’s platform in the previous calendar month. For every loan inquiry that received at least one offer from a lender, analysts calculated the spread between the lowest and highest APRs offered to each prospective borrower. Lowest, highest and the spread were averaged across credit score ranges for each loan type.
Regarding the credit score range of less than 640 and the average lowest offer of 3.15%, Kali McFadden, senior research analyst at LendingTree, explained: “Very few people with scores that low would qualify for a mortgage at all, so the few who do must be bringing something pretty exceptional to the table.”
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