Finance Bright Spot: Mortgage Rates

Previously, a credit score in the high 600s would gain you access to the best rates. Now you need to score above 740 to qualify. The result? While fewer potential homebuyers will qualify for a loan, those who do are more likely to afford their payments.

Without stellar credit, you can expect to pay at least one percentage point more than the best rates. And if that puts a mortgage out of reach for now, then clean up your credit score as soon as possible. Tighter loan restrictions are likely to remain in place for years, even if the housing market starts to look up.

To check mortgage rates at banks near you, head to the mortgage section of BankingMyWay.com and search by ZIP code.