Mass. homeowners 5th most likely to be approved for refinancing
Photo | Grant Welker
Homes under development at Legacy Farms in Hopkinton
With some of the nation's best credit scores, Massachusetts homeowners were the most likely of any East Coast state to be approved for refinancing their mortgage last year, according to mortgage website LendingTree.
Massachusetts homeowners are approved for 78.8% of their refinancing applications, good for fifth best nationally. One reason helps explain that: The Bay State has the sixth best credit rating average among homeowners at 720.
LendingTree found a correlation between a state's average refinancing approval rating and its typical credit score, as well as its home value appreciation. The Massachusetts home value appreciation average was 19% from 2012 to 2018, just below the national average.
The average loan amount in Massachusetts was $302,486, behind only Washington, D.C., Hawaii and California.
Refinancing approvals range from 82.4% in Utah to 66.5% in New Mexico. The national average is 75%.
Mortgage interest rates have fallen more than 1 percentage point since November 2018 when they reached a seven-year high, LendingTree said. The most recent average rate of 3.75% is lower than 77% of rates that have been available in the market over the last decade, according to the firm.
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