I’ve been working on raising my credit for about a year. It’s currently at 690. Should I wait until I reach 700?

Yes, no, and maybe. In the standard conforming plain vanilla market, interest rates will vary for every 20 points in credit score. You are in the 680 - 699 rate range right now. Going over 700 will improve the rate. But the improvement for most people isn't worth waiting for, as it is probably just 0.125% at best. Rates in general for example jumped up about 0.25% in the last 10-days. So you would have been better locking two weeks ago with your current score, versus having waited to this week in hopes of a 700 score. Other loans, like an FHA loan or a VA, you likely would see NO interest rate difference between a 690 score and a 700 score. "Discount points" are an up-front fee paid at closing to lower the interest rate below what the real rate of the day actually is. A point equals 1% of the loan amount. Deciding to buy down the rate is just simply math. How much do the points cost you, what is the monthly payment savings, when is the cost vs savings break even period. then, will you be in the home long enough for it to make financial sense, and do you have the additional up-front money needed to pay it today? Points and the rate difference they provide will vary on any given day as the mortgage market moves. Points are not automatically a good thing or a bad thing. Do the math, and you'll have your answer. I lend in MN WI IA ND SD. Find me at JoeMetzler.com - Cambria Mortgage, NMLS 274132 (651) 552-3681