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There's one secret to landing the lowest 30 year fixed mortgage rates: Boost your credit scores.
Today's mortgage lenders rely heavily on your three-digit credit scores, numbers that tell them how well you've handled credit in the past. If you've missed credit card payments, paid late on your auto loan payments or defaulted on a personal loan, your credit score will suffer. If you have a history of paying all your monthly bills on time, your credit score will be higher.
Lenders reserve their best 30 year fixed mortgage rates for those borrowers who have the highest credit scores. In the popular FICO credit score system, the best scores are 720 or higher.
Getting this score is relatively simple: You have to make all of your payments on time every month. Your score will rise, too, if you pay down your credit card balances. Lenders will view you as less of a risk to default on your mortgage loan if you're not saddled with a significant amount of credit card debt.
This all takes time. There is no way, depsite what Interent pop-up ads might promise, to boost your credit scores overnight. But if you commit to responsible spending habits, you'll be rewarded with the lowest possible 30 year fixed mortgage rates.