Lenders are more stringent on minimally acceptable credit scores.
Getting a mortgage today is harder than it would’ve been a year ago.
This is the first time since 2012 that this has been the case, according to Zillow. The Mortgage Access Index, which measures the difficulty of getting a mortgage compared to pre-bubble standards, was 62.7 at the end of Q2, down from 67.8 a year ago.
Lenders are making it tougher to get mortgages by raising minimally acceptable credit score rates, reaching 676 in June, up from 670 at the end of 2014.