Home buyers who financed the purchase of their house and had high credit scores saw rates that were 59 basis points better than their poor-credit counterparts. Loan amounts fell with credit scores.
Borrowers on loans used to purchase single-family properties who have a credit score of at least 760 had an average annual percentage rate of 4.18 percent during October.
But for borrowers whose scores ranged between 620 and 639, the average APR was 4.77 percent. In the midrange — scores between 680 and 719 — APRs averaged 4.44 percent.
LendingTree reported the data in its first Mortgage Offers Report – October 2017. The figures were culled from actual loan terms offered by its network of lenders.
Loan-to-value
ratios were 79 percent for scores at or above 760. While they climbed to 86 percent for borrowers with scores between 680 to 719, the average ratio dropped to three-quarters for scores from 620 to 639.
Loan amounts consistently shrank down the credit scale, with
the average amount at $250,110 for borrowers with credit scores in excess of 760 and $187,194 for scores from 620 to 639.
