Mortgage Myths - Low Interest Rates

Dated: October 16 2020

Views: 97

There’s a lot of excitement about record-low mortgage interest rates lately. Recently, a 30-year fixed-rate mortgage dropped to 2.88% for the week of Aug. 6, according to Freddie Mac.

This is great news for borrowers, unfortunately: "Not everyone will qualify for the lowest rates," explains Danielle Hale, chief economist at

Most lenders require a minimum credit score of about 620. Some lenders might require an even higher score.

Your credit score isn't the only factor affecting what interest rate you get. It also depends on the 

?Size of your down payment,
?Type of home,
?Type of loan, and much more.

?Contact a lender at least 6 months before you start looking at houses! It's very important to know your maximum loan amount AND if there is anything you can do to improve your lending profile!!!

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-Janet McCarthy
Allison James Estates & Homes
Lic. # 01428791

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