I was looking for this information when I was purchasing a house. I knew what my score was, and I knew what the "prime" interest rate was. What I didn't know was the average rate I should expect to get based on what my score was.
Here it is! A chart from bankrate showing just that.
Credit score | Interest rate | Monthly payment | Savings earned if score was high** |
760-850 | 6.274% | $1,019 | 0 |
700-759 | 6.496% | $1,042 | $8,627 |
660-699 | 6.780% | $1,073 | $19,788 |
620-659 | 7.590% | $1,164 | $52,336 |
580-619 | 8.905% | $1,316 | $107,234 |
500-579 | 9.899% | $1,436 | $150,192 |
I did shop around and went with the bank offering the lowest rate. That should have protected me against getting a poor rate, but it really didn't. When every lender gives you a high rate and one gives you a lower one, you tend to believe that the score you have matches the rate you are getting. It really didn't, and I am paying a higher rate than I believe I deserve. It may be time to start shopping around for a refinance, though I hate to go through the process again, and I'd hate to pay closing fees. Still, over the long term of the mortgage (I am assuming at worst case that I will not be able to pay it off as early as I would prefer) it will save me significantly over the long run.
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