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When you apply for a mortgage, your credit score is generally one of the most important factors in determining your interest rate. This can make a big difference when it comes to your monthly ...
A borrower with an exceptional credit score between 760 and 850 can get a 30-year fixed rate mortgage of $300,000 at an average rate of 7.550%, according to FICO.
Here’s how much you’d pay at the current rates for each credit score range. These examples are based on national averages for a 30-year fixed mortgage loan of $300,000. FICO Score
Here’s an example: Let’s say you’re buying a $400,000 house with a 20 percent down payment, and your high credit score qualifies you for a 30-year fixed mortgage at an interest rate of 6.2 ...
Over the same time period, the average credit score for those with a mortgage has risen from 739 to 758. That puts the average credit score for mortgage holders 40 points above the national average.
The FICO Mortgage Score and FICO Score XD 2 are between 300 and 850. [22] [23] Higher scores indicate lower credit risk. [24] Experian classifies FICO credit scores lower than 580 as very poor, 580–669 as fair, 670–739 as good, 740–799 as very good, and 800–850 as exceptional. [25]
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