Homebuyers with high credit scores may pay higher mortgage rates, and those with low scores may see lower ones, due to a new federal policy. See potential bias and similarities in coverage from FoxBusiness, USATODAY and Newsweek: Housing Mortgage
If you're looking to buy a home, be aware that mortgages will change next month.
Starting May 1, upfront fees for loans backed by Fannie Mae and Freddie Mac will be adjusted because of changes in the Loan Level Price Adjustments , the fees that vary from borrower to borrower based on their credit scores, down payments, types of home and more. The changes relate to credit scores and downpayment sizes.
In some cases, people with higher credit scores may end up paying more while those with lower credit scores will pay less.
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