The Fed cut rates for the second time this year and said it would keep doing what it deems necessary to sustain the U.S. economic expansion. Interest rate cuts have a direct impact on adjustable-rate mortgages and an indirect effect on fixed-rate loans.
More homebuyers qualify for low mortgage rates after the average FICO score rose to 706. In post-recession 2009 it was 686; in pre-recession 2006 it was 690.
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