The Biden administration will soon punish Americans with high credit ratings to pay more for their mortgages to subsidize loans for homebuyers with lower scores.
Starting May 1, Americans purchasing a new home or are refinancing their existing mortgages will have to pay higher mortgage rates and monthly fees if they have a higher credit score, The Washington Times reported on April 18.Consumers with lower credit scores and less money for a down payment will be given better mortgage rates than they otherwise would have in a form of wealth redistribution by adjusting the fees on loan-level price adjustments.
