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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.

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