More Americans opt for loans with interest rates under 5%

by Candyd Mendoza

The number of 4.625%-interest loans grow faster than other 30-year, fixed-rate mortgage purchase applications in LendingTree’s website, the company said.

According to the latest LendingTree Mortgage Rate Competition Index report, the 4.625% interest rate was offered to 84.6% of borrowers last week, an increased from the previous week’s 78.9%.

“Homebuyers could have seen median lifetime savings of $30,858 in interest on a $300,000 loan by comparison shopping for the best mortgage rates,” said LendingTree Chief Economist Tendayi Kapfidze.

The 4.625% rate was also the most common interest rate across all 30-year, fixed-rate mortgage refinance applications, LendingTree reported.

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