In August, Borrowers Saved an Average of $41,450 When Refinancing Through LendingTree

Updated: September 15th, 2020

Each month LendingTree looks at how much money consumers can save by comparing mortgage rates during the loan-shopping process.

In August, refinance borrowers saved an average of $41,450 when comparison shopping with LendingTree.

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Mortgage savings tracker

The LendingTree marketplace allows you to compare offers from multiple mortgage lenders so that you can ensure that you are getting the best deal available to you. 

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Refinance mortgage offers by credit score

*Lifetime interest paid is calculated based on the overall average loan amount to enable comparison and can include additional costs like fees.

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Additional highlights:

  • For all consumers, regardless of credit score, the average APR for conforming, 30-year, fixed-rate refinance loans was 3.22% in August, down five basis points from July.

  • The APR for refinance loans offered to people with credit scores of 760 or above was 3.13%, and the APR was 3.39% for refinance offers to people with scores between 680 and 719.

  • For 30-year, fixed-rate mortgages 98.3% of refinance borrowers received offers below 4%. A year ago, 64.6% of refinance borrowers received rates under 4%.


The LendingTree Monthly Mortgage Offers Report contains data from actual loan terms offered to borrowers on by lenders. We believe it’s an important addition to standard industry surveys and reports on mortgage rates. Most quoted industry rates are for a hypothetical borrower with prime credit who makes a 20% down payment. However, most borrowers do not fit this profile. Our report included the average quoted APR by credit score, together with the average down payment and other metrics described below. We stratified by credit score, so borrowers have added information on how their credit profile affects their loan prospects. The report covers conforming, 30-year fixed loans for both purchase and refinance.

  • APR: Actual APR offers to borrowers on our platform.
  • Down payment: Though analogous to the loan-to-value ratio (LTV), we find that borrowers identify more closely with the down payment amount. Academic studies have also found that the down payment is the primary concern for homebuyers and is one of the main barriers to entering the homebuying market.
  • Loan amount: The average loan amount borrowers are offered.
  • LTV: Actual LTV ratio offered to borrowers on our platform. The LTV ratio is a formula that divides the loan amount by the home’s value to assess a borrower’s lending risk.
  • Lifetime interest paid: This is the total cost a borrower incurs for the loan, inclusive of fees.

The LendingTree Mortgage Rate Competition Index is a proprietary measure of the dispersion in mortgage pricing. It measures the APR spread of the best offers available on LendingTree relative to the least competitive (i.e., the highest) rates on 30-year, fixed-rate mortgages. Our research shows that mortgage rate competition varies with the financial and operational measures of activity in the mortgage markets. More details on the index are available in a LendingTree white paper.