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LenderBest ForMin. Credit ScoreMin. Down PaymentStates ServedCitizens BankOnline tools6203.5%13TD BankGovernment loans7003%19Bank of AmericaDiscounts for existing customers6203% – 5%*50Quicken LoansFlexible terms5803.5%50New American FundingNo minimum payment6200%48J.G. WentworthLow-income options5803%45USAA MortgageCustomer service6200%50SunTrust MortgageDiverse loan types6203%50ChaseOnline mortgage tracking6203%40

The Final Word

The Coronavirus pandemic has caused significant reductions to mortgage rates as demand plummeted. With Americans sequestered in their homes, the market has stood still with no new properties, no new sales, and no new buyers. However, as the nation slowly begins to recover and return to work, we can expect to see new homes begin to hit the market. Unemployment remains at an all-time high, but renewed commerce should produce new buyers and continue to boost demand. As the weeks continue to pass, experts predict the market will slowly begin to rebound, and we will see mortgage rates rise in response as the country continues to recover.

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Angelica Leicht

Mortgage Researcher

Angelica Leicht is a writer and editor who specializes in everything mortgage-related for Interest.com. Her work has spanned topics that include lending product reviews, interest rate trends, racial biases in mortgage lending and the role of fintech in lending practices, and has appeared in publications such as Interest, The Simple Dollar, Bankrate, The Spruce, Houston Press and VeryWell, among others.