Cash buyers are now making room for mortgage-dependant homebuyers, and there has been a surge in new mortgages, CNBC’s Diana Olick reports.
“But there is a growing divide between the haves and the have-nots,” Olick says on Squawk Box. Borrowers with FICO scores above 700 are almost entirely behind the surge in purchase applications, and activity among borrowers with lower scores is “flat to slightly lower from a year ago,” CNBC reports.
Currently, the median credit score in the U.S. is about 720, and the average score is 695, according to FICO.
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