Raising Your Credit Score Could Lower Your Mortgage Rate

Raising your credit score by 20 points can potentially save you thousands on your mortgage.

picture of small model housing on a table covered with money
(Image credit: Getty Images)

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.  

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Mortgage Savings Based on FICO Score
FICO ScoreAPRMonthly PaymentTotal Interest Paid
700-7596.979 %$2,324$486,505
680-699 7.156 %$2,365$501,523
660-679 7.37 %$2,416$519,821
640-6597.8 %$2,520$557,037
620-6398.346 %$2,653$605,113

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Erin Bendig
Personal Finance Writer

Erin pairs personal experience with research and is passionate about sharing personal finance advice with others. Previously, she was a freelancer focusing on the credit card side of finance, but has branched out since then to cover other aspects of personal finance. Erin is well-versed in traditional media with reporting, interviewing and research, as well as using graphic design and video and audio storytelling to share with her readers.