How Rising Gas Prices Transfer Over to Decreased Housing Development

A recent study by the Federal Reserve Board in Washington, D.C. claims their is a direct inverse correlation between gasoline prices and house construction development.

U.S. Gold Medalist Michael Phelps - Out With The Old, In With The New

Michael Phelps, the most decorated Olympian in history, is getting rid of his Baltimore Condo

U.S. Gold Medalist Soccer Star Abby Wambach Heads to Portland, Oregon

Abby Wambach, co-captain of the U.S. women's soccer team is reported to have purchased a nearly 4,000 square-foot home

New Plans for Mission Viejo, California

Mission Viejo, California is beginning to see new development  and the formation of an eco-friendly

U.S. Gold Medalist Carmelo Anthony - Gold in Basketball, Bronze in Real Estate

The New York Knicks' small forward Carmelo Anthony has been doing nothing but winning recently.

Venice, California - Home of Dennis Hopper Sold

The beautiful Venice, CA home of the late actor Dennis Hopper recently sold for $5million

Mortgage Delinquencies Still On The Rise

Mortgage delinquencies rose in second quarter, trade group says

By E. Scott Reckard and Alejandro Lazo

"...The Mortgage Bankers Assn., in a quarterly delinquency survey issued Thursday,

Los Angeles, California - Slow Sales, Rising Prices

Southern California housing market sees price gains as sales slow

By Alejandro Lazo

"...The median home price in Southern California hit its highest point in nearly four years

Rising Mortgage Rates - Freddie Mac Report

Mortgage rates rise for third straight week, Freddie Mac reports
By E. Scott Reckard

"... fixed mortgage rates rose for the third straight week after setting all-time lows,

FICO Score - Valid Measure?

Are FICO scores outdated in rating risk of home loan applicants?

By Kenneth R. Harney

"...You've got some company. Digital Risk, a mortgage analytics firm, is mounting an unusual frontal assault on one of the lending industry's sacred cows.

Northridge, CA - Worth the Investment?

California home buyers have recently been buzzing about homes in Northridge, CA.

"Titanic" Star Kate Winslet Rents Her Chelsea Condo

Kate Winslet has listed her immaculate 4-bedroom, 3.5-batroom duplex for

Trulia's IPO

Trulia Inc. filed for an initial public offering yesterday in an effort to

Consumer Financial Protection Bureau - New Appraisal Rules Benefit Mortgage Applicants

 

CFPB: New appraisal rules 

By  Polyana da Costa

"...the CFPB proposed a rule that would require lenders to notify mortgage applicants of their right to receive a copy

Rent or Buy? Making Marketwise Decisions

Rent or Buy?  - With Rents on the Rise, New Yorkers Do the Math

By Michelle Higgins

".... The average Manhattan apartment rented for a record $3,459 in July,

Beverly HIlls, California - Mansion for Sale

The $68.5 million mansion is located at 9577 Sunset Blvd in Beverly Hills, CA. 

 

Credit Score and Interest Rates: An inverse relationship?

Credit scores can make or break affordable payments on homes, cars, and pretty much anything we need to finance in life. But is there a standard scale for interest rates based on your credit score? 

I've been doing some research on bankrate.com (my go to resource) but haven't been able to find much research on the topic. I think the general consensus seems to be that lenders determine the types of risk premiums they will put on a loan based on their own set formula. 

However, I think MyFico.com does a pretty decent job on providing some general insights on how mortgage rates vary by different credit scores. For instance, I learned through the website that the APR, on a 30-year fixed-rate mortgage for a solid FICO score between 750 and 850 is roughly 3.2%, almost .4% below the current national average! That said, when you fall into the FICO range between 550 and 600, your APR on that 30-year fixed-rate mortgage can move up to nearly 6%.