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Stellar Credit Scores Required in Tightening Housing Market
Stellar Credit Scores Required in Tightening Housing Market
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BTCCSquare news:
Mortgage credit scores have surged to their highest levels in six years, with September's average purchase score hitting 736—a record since ICE began tracking. This marks a 10-point jump from pre-pandemic norms, as lenders prioritize risk mitigation over volume. The trend coincides with a brief dip in mortgage rates, creating a window for prime borrowers while sidelining marginal candidates.
Realtor.com data corroborates the squeeze, showing average mortgage scores now 20 points above national baselines. 'Lenders are playing defense,' observes Phil Crescenzo Jr. of Nation One Mortgage, noting tightened underwriting standards. The market's bifurcation leaves sub-700 borrowers facing dwindling options despite favorable rate environments.
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