Home >> Daily Dose >> The Week Ahead: How Credit Score Impacts Mortgage Terms
Print This Post Print This Post

The Week Ahead: How Credit Score Impacts Mortgage Terms

This week, LendingTree’s Chief Economist Tendayi Kapfidze will release analysis of lender offer data using a sampling of borrowers with a range of credit scores. LendingTree announced that the report aims to provide insight to how credit score impacts mortgage offers.

According to a preview of the report, purchase APRs for conforming 30-year fixed loans offered on LendingTree’s platform were down 3 bps to 4.31 percent in October. Consumers with the highest FICO scores (760+) saw offered APRs of 4.18 percent in October, compared to APRs of 4.44 percent for consumers with scores of 680-719.

The average purchase down payments for mortgages have also been rising for seven months and have reached $59,680. Refinance APRs for conforming 30-year fixed loans were up 10 bps to 4.26 percent. Finally, average monthly payments barely changed at just over $1,100 for both purchase and finance. The full LendingTree monthly report will be released during the week.

Also to be released this week:

  • Treasury Budget, Monday, 2:00 p.m. EST
  • National Association of Home Builders Housing Market Index, Thursday, 10:00 a.m. EST
  • Housing Starts, Friday, 8:30 a.m. EST
  • ValueInsured Fall 2017 Modern Homebuyer Survey

About Author: John Tee

John Tee is a writer and editor based in Dallas, Texas. A Texas native, he is a graduate of Texas A&M University and spent four years in West Texas working as a copy editor for the Midland Reporter-Telegram before relocating to the DFW Metroplex while also contributing to FanSided.com.
x

Check Also

‘Helicopter Money’ Crucial to Homeowners

Housing and mortgage leaders discussed the $2 trillion stimulus package that is set for a vote Friday by the House of the Representatives.

GET THE NEWS YOU NEED, WHEN YOU NEED IT.

With daily content from MReport, you’ll never miss another important headline in originations, lending, or servicing. Subscribe to MDaily to begin receiving a complimentary daily email containing the top mortgage news and market information.