Ask the expert: Will my new credit score make it easier for me to get a mortgage? The Consumer Financial Protection Bureau thinks it will. The home mortgage market in the second quarter improved as demand increased and many banks eased their lending standards. Note that in August, the average interest rate on a 30-year fixed rate mortgage was 4.12 percent. New credit scores A change in how credit scores are tallied will likely make it easier for millions of Americans to get loans and mortgages. Fair Isaac Corp. has stopped including in its FICO credit-score calculations any record of a consumer failing to pay a bill if the bill has been paid or settled with a collection agency. Further, they will give less weight to unpaid medical bills that are with a collection agency. These moves are the result of discussions with lenders and the Consumer Financial Protection Bureau (CFPB). Under the previous system, collections could impact credit scores as much as foreclosures and bankruptcies did. That is changing. Promoting mortgages and loans The changes are expected to increase lending, especially among borrowers who were shut out by high interest rates and low credit scores. The rules are aimed at boosting lending without raising credit risk. Most consumer infractions are small. For example, they are generally on time paying their bills, but disrupted by a medical emergency. More than half of all debt-collection activity on credit reports comes from medical bills, according to the Federal Reserve. "The new rules expand banks' ability to make loans to people who might not have qualified, and to offer lower interest rates to others," said Nessa Feddis, senior vice president of consumer protection and payments at the American Bankers Association.