Mortgage rate directly related to credit score?
I searched through the forum looking for answers but I couldn't find any.
I have read many articles saying that if you have 650+, you are safe for mortgage, and above 720 or something, you get the best rates and I have a question about this last part.
Let's say there are two people with exactly same profiles, but two different credit scores 720 and 820.
Would these two get offered the same mortgage rates? or does better score mean lower mortgage rate? (I understand that there are other factors that determine the mortgage rates, hence the two people with the same profiles.)
I ask because I am thinking of purchasing a house in the next 1 or 2 years and I know my score is good (just below 800), but I may need to close an old CC account and get a new one.
I think that will impact my credit score negatively at least two times so I was wondering if I should go ahead with it, or wait 1-2 years, get my mortgage rates, and then close the old credit card and open another one.
Thanks in advance!