Homebuyers in the state of California carry a credit score that is 20 points higher than the national average, according to a recent study conducted by Mortgage Marvel. On average, California applicants have a credit score of 755, up from the 735 national credit score. Hawaii and Oregon followed California, with average credit scores of 752 and 751, respectively.
The data came as a surprise to the study's authors, who expected different results due to separate data that highlights California's troubled real estate market.
"These are interesting results," said Mortgage Marvel's product manager, Rick Allen. "With all of California's well-publicized issues with decreasing property values and foreclosures, I would have expected it to be well down the list. Many Californians have clearly figured out how to weather the financial storms."
In contrast, Mississippi mortgage applicants carry the lowest average credit scores, which was calculated to be 695. Although mortgage lenders are beginning to extend more financing to prospective homeowners, credit scores remain a large factor in loan approval.