Todays Mortgage Rate
How to determine mortgage rate from FICO score?
So the way I understand it, is that your FICO score determines interest rate you get (along with national interest levels). With that said, when Yahoo says that today's rate is 6.364%, what FICO score does this bear. If I have a FICO score greater than 720 (assume 720 as worst case) then what can I quantify my interest rate be given to 6,364%? Lower? Higher? Same?
"Today's interest rate" average of many lenders, borrowers, types of Mortgages, different regions within a certain price range. These numbers are supposed to tell you trends in the market. Your FICO score, specific info on your credit report, sum (& weight) of your payment, your income and debt ratios, length of time on the job and the prospects for continued employment / future employment, property prices, neighborhood points and closing costs charged, the lender's costs, etc. all go into the equation, will determine the terms of mortgages, including the interest rate! High FICO means that if all other factors constant, the person with the higher FICO generally pays lower interest rates. And in today's market, only very credit worthy people can get mortgages from mortgage lenders.