{"id":52729,"date":"2016-08-18T09:21:39","date_gmt":"2016-08-18T16:21:39","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=52729"},"modified":"2020-10-06T17:08:13","modified_gmt":"2020-10-07T00:08:13","slug":"mortgage-rates-good-news-for-buyers-with-good-credit","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/mortgage-rates-good-news-for-buyers-with-good-credit\/","title":{"rendered":"Mortgage Rates: Good News (For Buyers With Good Credit)"},"content":{"rendered":"

Mortgage rates dipped this week, averaging 3.43 percent for a 30-year, fixed-rate loan, down from 3.45 percent. At this time last year, rates averaged 3.93 percent, according to\u00a0<\/span>Freddie Mac<\/span><\/a>. <\/span><\/p>\n

\"mortgage
Source: Freddie Mac<\/figcaption><\/figure>\n

Rates have held <\/span>below 4 percent for 33 weeks, the second-longest run of cheap borrowing the U.S. has ever had. The record was set from March 2012 to June 2013, when the cost of a 30-year loan held below 4 percent for 65 weeks.<\/span>
\nThat\u2019s great news — for people who can get a loan. The reality is that many borrowers can\u2019t qualify for a home loan at all, much less get approved at rock-bottom rates, which are reserved for buyers with pristine credit and big downpayments. <\/span>
\nEven though the credit collapse is well behind us, there\u2019s no sign lenders are loosening up, either. Last month, the average credit score on a new mortgage was <\/span>727<\/span><\/a>, the highest since June 2015, according to <\/span>Ellie Mae<\/span><\/a>. <\/span>By comparison, the average consumer has a credit score of 699, according to Experian, which issues FICO scores. <\/span>
\nAn <\/span>April survey<\/span><\/a> by Experian found that 45 percent of homebuyers were delaying a purchase while they improved their credit profile. Thirty-four percent feared their credit score would prevent them from buying.<\/span>
\nIn short, too many credit-worthy consumers are being turned away from\u00a0homeownership, which remains one of the best tools for building wealth and financial security.\u00a0Data from ComplianceTech shows that black Americans, for example, are less likely<\/a>\u00a0than whites\u00a0to get approved for conventional, low-cost mortgages.<\/p>\n

What’s next?<\/strong><\/h3>\n

On the plus side, this low-rate environment probably will stick around for a while, even though job growth and strong consumer spending has traders betting the <\/span>Federal Reserve<\/span><\/a> will raise its own short-term interest rates this year, possibly in <\/span>December<\/span><\/a>. <\/span>
\nThe Fed doesn\u2019t control the cost of home loans, but it can affect them. In 2013, rates shot up after Fed Chairman Ben Bernanke hinted that the Fed would buy less mortgage debt. His remarks sent financial markets into a <\/span>\u201ctaper tantrum\u201d<\/span><\/a> that pushed interest rates up and threw housing off course. <\/span>
\nThat\u2019s not likely to happen this time. The Fed is cautious and global economic woes have made investors cautious, too. That has the effect of keeping mortgages cheap, which is welcome news for homebuyers<\/a> and sellers.<\/span><\/p>\n

\"mortgage
Source: Freddie Mac<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"

Cheap borrowing isn’t helping everyone.<\/p>\n","protected":false},"author":13355,"featured_media":52730,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[32,74,19],"coauthors":[],"class_list":["post-52729","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-housing-market-tracker","tag-mortgage-tips","tag-politics"],"acf":[],"yoast_head":"\nMortgage Rates: Good News (For Buyers With Good Credit) - 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