Here's the average interest rate by credit level for a 30-year fixed-rate mortgage of $300,000:Īverage 30-year fixed mortgage rate (January) Generally, 620 is the minimum credit score needed to buy a house, with some exceptions for government-backed loans.ĭata from credit scoring company FICO shows that the lower your credit score, the more you'll pay for credit. The higher your score is, the less you'll pay to borrow money. You can check your credit score online for free. Your credit score is a number calculated based on your borrowing, credit use, and repayment history, and the score you receive between 300 and 850 acts like a grade point average for how you use credit. See Insider's picks for the best mortgage lenders » National rates aren't the only thing that can sway your mortgage interest rates - personal information like your credit history also can affect the price you'll pay to borrow. Average mortgage interest rate by credit score As with other types of mortgages, you'll want to shop around and get multiple rate quotes to find the best HELOC lenders. HELOC rates are generally a little higher than rates on first mortgages, but they can still be worth it if you're looking to tap into your home's equity without having to take on a new rate on your main mortgage.
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