Mortgage Rates 1-24-2020 Lender411

By Joy Green Updated on 1/24/2020

The new FICO 10 and FICO 10-T credit scoring system will be introduced Summer 2020. This may mean higher interest rates and mortgage rates for many American’s. The new FICO 10 will incorporate monthly payments (on time and delinquent) along with debt to income ratio. Fair Isaac says "the upshot of the new scoring model will mean changes in the credit scores of about 110 million Americans. About 40 million of those will see their scores drop, an average of about 20 points. Consumers who already have high scores will likely receive even higher ones than under previous FICO versions while those with low scores who continue to miss payments or incur more debt will see larger declines" 

Although mortgage analysts say the new FICO 10 will not be used in mortgage the mortgage process any time soon, as these types of changes generally have some significant notification and prior review from Fannie and Freddie. 

 

 

Bookmark this page for mortgage rates:

 

 

• 30-year (FRM) rates at 3.63% (-0.03%)

• 15-year (FRM) rates at 3.25% (-0.03%)

• FHA 30-year Fixed rates at 3.36% (+0.06%)

• Jumbo 30-year Fixed rates at 3.72% (-0.03%)

• 5/1 ARM rates at 3.36% (-0.01%)