Changes to fees applied to federal mortgages have led to a misconception that borrowers with low credit scores will pay less at the expense of borrowers with good credit.
Buyers are returning after being sidelined by a jump in borrowing costs, but experts say that the uncertain state of the economy is what will drive the market’s next moves.
The average rate on 30-year mortgages — the most popular kind among Americans — rose to the highest level since 2002, tracking the Federal Reserve’s aggressive campaign of rate increases.