Becoming a homeowner has become increasingly more challenging, with the median monthly mortgage payment reaching an all-time high of $2,661 (at a 7.19% mortgage rate), according to Redfin.com. They also found the median sale price of a home to be $374,975. And sky-high mortgage rates have left both homebuyers and owners feeling increasingly pessimistic about the housing market outlook.
So, if you're in the market for a mortgage or a refinance, it’s more important now than ever to ensure you can secure the lowest mortgage rate possible. One way you can find the best 30-Year mortgage rates is by prioritizing a good credit score.
Credit score impact on mortgage rates
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| FICO Score | APR | Monthly Payment | Total Interest Paid |
|---|---|---|---|
| 760-850 | 6.757% | $2,272 | $467,820 |
| 700-759 | 6.979 % | $2,324 | $486,505 |
| 680-699 | 7.156 % | $2,365 | $501,523 |
| 660-679 | 7.37 % | $2,416 | $519,821 |
| 640-659 | 7.8 % | $2,520 | $557,037 |
| 620-639 | 8.346 % | $2,653 | $605,113 |
How much you can save
How to improve your credit score
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