Mortgage Rates Are Great . . . If You Qualify

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.

Wall Street Journal  July 10, 2011