Credit Score Update: 8/17/2009 FICO® >760•4.994% APR, FICO® <639•6.583%. Best FICO® saves $109,440 in interest on a $300,000 30-Yr Fixed Mortgage.

Check out the latest rates.  Rates are back down below 5%.   The savings difference stayed the same from last week – $109,440 in savings just from jumping from a sub-639 score to a 760+ over a 30-yr fixed. This equates to $3,648/yr. Rates have improved by 54 basis points in just one week.  The fed continues to try to feed the economy with low rates to spur more home buying.

August 17, 2009

August 10, 2009

Consumers may want to move quickly.  I’m wondering how quickly rates will return to their 5%+ levels.  It seems that as the economy recovers, rates will continue to grow.  But then again….no one can predict the future. Of course, many people who write in need to work on their debt first.  Buying a house should mean that you have a 6 month reserve of emergency funds, no credit card debt and some level of job or income stability.  Your FICO credit score is just one piece of the puzzle.

Sources: myFICO.com and Informa

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