Lenders are continuing to lower FICO score requirements for homebuyers, according to HousingWire. Between November 2018 and January 2019, median FICO scores decreased by four points to 726 for both bank and nonbank lending institutions. At 745, the average agency FICO score is still high, compared to 713 at nonbank lenders — however both show FICO requirements on a downward trend. This decrease echoes a trend covered in the Q4 2018 Mortgage Consumer Profile Report, published by Best Rate Referrals.
“Fair” And “Good” Credit Scores Increased In Q4 2018 For Purchase Mortgages
An increased share of purchase mortgage inquiries had “fair” and “good” credit scores in Q4 2018 compared to Q3 2018, while the share of volume (SOV) for “excellent” credit scores declined during the same period. The SOV for “good” credit scores for the purchase mortgage market was up considerably in Q4 2018 compared to 2017. Download the Q4 2018 Mortgage Consumer Profile Report for more details on purchase mortgage trends.
Download The Q4 2018 Mortgage Consumer Profile Report Today
Featuring trends on loan type by region and credit score, home market values, top consumer segments and more, the Q4 2018 Mortgage Consumer Profile Report highlights mortgage market audience trends for the period of January 2017-December 2018, with an emphasis on October-December 2018.
About the AuthorMore Content by Raymond Bartreau