Approximately one-third of Americans are unlikely to qualify for a mortgage because their credit scores are too low, an analysis of 25,000 loan quotes during the first half of September on Zillow Mortgage Marketplace found.

The lead generation website found that those consumers with a credit score under 620 who entered data on the site were unlikely to have even one quote returned, even if they were willing to make a down payment in the 15% to 25% range.

Zillow cited statistics from MyFICO.com that found over 29% of Americans have a score under 620.
The study also found that for every 20-point increase in one's credit score, the average low annual percentage rate offered to these consumers fell by 0.12%.

Those consumers who had a credit score over 720 had an average low APR of 4.3% on a conventional 30-year fixed-rate mortgage. For borrowers whose score was between 620 and 639, the average low APR was 4.9%.

Zillow chief economist Stan Humphries said homes are more affordable than in years, plus mortgage interest rates are at record lows. "But the irony here is that so many Americans can't qualify for these low rates, or can't qualify for a mortgage at all."

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