When you're applying for a mortgage, the lender will usually pull your credit score as part of the approval process.
Most consumer credit scores range from 300 to 850 — with 850 being the highest score — but you don't need the best score possible to qualify for the lowest mortgage rates. A 750 credit score is generally considered "very good" and can help you secure good loan terms because it shows you have a history of managing debt payments.
How good is a 750 credit score?
A 750 credit score is better than the U.S. average, which was 717 in 2023, according to credit analytics company FICO. Lenders tend to evaluate credit scores in ranges and offer the same rates to people within the same range.
A 750 credit score generally falls into the "very good" range, which shows lenders that you're a very dependable borrower. People with credit scores within this range tend to qualify for loans and secure the best mortgage rates.
A 750 credit score could help you:
- Qualify for a mortgage
- Negotiate the loan terms, since the lender might be willing to compete for your business
- Get low mortgage rates, which makes borrowing cheaper
Some lenders might consider a 750 credit score on the cusp between "good" and "excellent," which could influence the rate you receive. Be sure to monitor your credit score in the months leading up to your mortgage application.
Pro tip:
To maintain healthy credit or even improve your credit score, try to pay all your bills on time, keep your credit card balances low, and refrain from opening new credit accounts.
Keep Reading: How Your Credit Score Impacts Mortgage Rates
Average mortgage rates for a 750 credit score
Your credit score measures how well you've managed money in the past, and it helps the lender predict how you'll pay back a loan in the future.
A higher credit score generally shows that you've paid back money as agreed, which decreases the lender's risk — and can help you score a lower mortgage rate.
The table below shows a sampling of interest rates from our partner lenders. You can fill in your financial information and select a credit score range of Excellent (800+) to see what kind of mortgage rates are available in your area.
Expert tip:
“Every lender has a different way of determining its loan terms. So while having a 750 credit score can help you get a favorable interest rate, you should understand what else goes into the decision.” — Reina Marszalek, Senior Editor, Mortgages
The quotes here are for an annual percentage rate (APR), which is the interest rate plus any fees the lender charges.
It's a more precise measurement of the costs involved, so always compare loan APRs when shopping for mortgages. Typically, a lower APR means you have less to pay on top of the amount you borrowed.
For example: Say you take out a 30-year fixed mortgage for $200,000 with a 7% APR and 20% down payment, and your credit score is at least 750. Your hypothetical monthly payment would be $1,109 (not including property taxes in your area).
Compare that monthly payment to someone with a poor credit score, who might pay $1,149 a month for the same loan. The borrower with poor credit would pay over $17,000 more in interest over the life of the mortgage.
Use our mortgage calculator to estimate the monthly payment on your home loan.
Other factors behind your mortgage rate
Mortgage rates are based on many factors, including your overall financial health and broader economic trends.
You have control over some of these factors:
- Down payment: A sizable down payment could help you secure good loan terms because it reduces some of the lender’s risk. If you can comfortably put down 20% on a conventional loan, there’s another benefit: You avoid paying for private mortgage insurance.
- Loan size: You might receive a higher interest rate on a loan that’s particularly large or even one that’s very small. Talk with your lender about ways to adjust your loan size.
- Loan term: Generally, mortgage rates are lower on shorter-term loans because the lender is extending risk for a shorter period of time. Compare interest rates and monthly payment amounts on different loan terms — such as 15, 20 and 30 years — to see what you can afford.
- Debt-to-income ratio (DTI): Your DTI compares how much of your monthly income goes toward paying debt. A lower DTI — around 43% or less — could help you qualify for a low mortgage rate because you have room to spare in your budget
Learn More: What Is a Mortgage Rate and How Do They Work?
Comparing mortgage rates from different lenders is one way to make sure you get the best mortgage rate possible. Credible can help you compare our partner lenders without hurting your credit score, and it takes just minutes.
