Credit Score Changes Impact Mortgage Rates

Fannie Mae and Freddie Mac have eliminated credit scores from underwriting, but still use them for pricing. Tri-merged credit reports are becoming costly, with prices expected to rise further. The Mortgage Bankers Association proposes allowing single credit reports for high-scoring borrowers to boost competition and lower prices. Critics warn of potential risks, such as cherry-picking scores and increased bad loans. Meanwhile, thirty-year fixed rates average six point four six percent, with solid borrowers getting five point nine nine percent. An interest-only thirty-year fixed at five point eight seven five percent for five years is an eye-catching option.

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