The mortgage rate you get depends partly on your credit score. Here's what to expect
Publishing timestamp: 2023-02-25 08:30:01
Summary
Interest rates on 30-year mortgages have been between 6-7% for the past few months, roughly double what it was at the end of 2021 and early 2022. Home prices have also been rising, making it more challenging for potential homeowners. Credit score is an important factor in determining the interest rate a buyer can qualify for, and a good or excellent score can make a significant difference in monthly payments and total interest paid. It is recommended to keep credit utilization ratio below 30%, and to check credit report for errors before applying for a mortgage.
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Keywords: mortgage insurance, experian plc, equifax inc, economic events, personal finance, redfin corp, real estate, mortgage financing, transunion, personal loans, business news, mortgages, mortgage rates,