A recent article in The Wall Street Journal explained that, despite interest rates for mortgages remaining low, many potential homebuyers are unable to obtain them.The most recent report from Freddie Mac revealed the interest rate for 30-year fixed-rate mortgages settled at 4.60 percent, which is actually up for the first time in several weeks. However, while this rate is still low and affordable, many lenders are not handing it out to every potential borrower.”Since 2009, credit has become a lot tighter,” Greg Reiter, who follows mortgage-backed bonds at RBS Global Banking & Markets, told the news source.Many lenders now rely heavily on a potential borrower's credit score. Those with lower scores are more likely to receive rates much higher than the average. Analyzing the trend with credit scores during the last several years reveals that fewer consumers with mortgages have good scores. Prior to the recession, 82 percent of Fannie Mae's mortgages had scores between 700 and 750, while now that figure is just 13 percent.New regulations could help consumers, however. As part of last year's Dodd-Frank financial-services legislation, lenders and banks must now disclose the credit score they reference when determining a potential borrower's interest rate.In Houston, property values were up during June, according to the Federal Reserve Bank of Dallas. Thus, if potential owners want to jump on these homes before their price grows further, they need a good credit score to obtain a reasonable interest rate.Courtesy of 2M Realty News?