Credit Score and Mortgages: Why Your FICO Score is Key to Home Loan Rates

Your credit score is one of the most critical factors in determining whether you qualify for a mortgage and what interest rate you’ll pay. A higher score can save you thousands of dollars over the life of your loan. Why Credit Scores Matter in Mortgage Applications When applying for a mortgage, lenders want to understand…

As of August 2024, residential mortgage rates have shown some fluctuations but are generally trending downward. The average rate for a 30-year fixed mortgage is currently around 6.47%, which is a decrease from recent weeks. This drop is partly due to expectations that inflation is slowing down, which might lead the Federal Reserve to lower…