Higher Mortgage Rates for Buyers with Good Credit on the Horizon

Changes to federal rules on mortgage fees will mean that high credit scores will no longer result in better mortgage rates, with fees set to increase for buyers with good credit and decrease for those with riskier credit. The changes, which take effect on May 1, have been criticized by some in the industry for essentially subsidizing those with risky credit and redistributing wealth. The move is part of the Biden Administration's push for affordable housing, with a White House spokesperson stating that first-time home buyers will benefit from the changes.