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The higher your credit score, the lower the interest rate on the mortgage. Borrowers with high credit scores tend to get lower interest rates on mortgages than borrowers with low credit scores. A credit score of 740 or higher qualifies for the best interest rates from most lenders.
Lower Credit Score = Higher Mortgage Rate. Put simply, a lower credit score will lead to a higher mortgage rate, and vice versa. This all has to do with risk. The lower your credit score, the higher the chance youâll default on your mortgage, at least thatâs what the statistics say. So if your credit score is too low, you probably wonât even get approved for a mortgage (how to get a mortgage with a low credit score). Lenders simply wonât want your business.