Wednesday, July 2, 2014

LendingTree reports growing difference in mortgage rates

People shopping for a home loan in recent months saw increasing difference in the interest rates offered by lenders.

That's according to a report released Wednesday by Charlotte-based LendingTree, known for its website that allows consumers to comparison-shop for mortgages.

The report shows that, from March to May, the average difference between interest rates offered for a 30-year, fixed-rate loan has been on the rise.

In March, the average difference was 0.33 percent. It climbed to about 0.34 percent in April and then to 0.365 percent in May.

As LendingTree points out, rates offered to borrowers can vary widely from one lender to the next. Doug Lebda, CEO of LendingTree, says in a press release that one reason lenders might cut rates is to attract business.

To be sure, mortgage lenders are looking for more business thanks to demand to refinance loans being much lower than this time last year. Refinancing activity began falling after interest rates starting rising around the middle of last year.


Shawn Haun said...

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