Although interest rates are near rock bottom levels, it is a lousy time to get a mortgage. Since 2009, credit has become much tighter. Pre-crisis, a FICO score of 700 to 725 was deemed solid and a borrower could expect to get a conventional mortgage at the lowest rates. But so far in 2011, only 13% of Fannie Mae mortgages carry that score; 75% of Fannie Mae mortgages are for FICO scores of 750 to 775, up from less than 5% before 2005. The news is also grim for those looking to refinance.
Mortgage Rates Are Great . . . If You Qualify
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