Amid the COVID-19 pandemic, mortgage rates have been fluctuating. Some lenders have been quick to slash rates, while others have been slow to follow suit. Here’s a breakdown of which mortgage lenders have cut rates and which ones haven’t yet:
Lenders That Have Cut Rates
Chase: Chase has cut its mortgage rates to help homeowners impacted by the coronavirus. The lender is offering a 30-year fixed-rate mortgage at 3.125% with no points.
Wells Fargo: Wells Fargo has also reduced its mortgage rates to support homeowners during the pandemic. The lender is offering a 30-year fixed-rate mortgage at 3.25% with no points.
Bank of America: Bank of America has cut its mortgage rates to help homeowners impacted by COVID-19. The lender is offering a 30-year fixed-rate mortgage at 3.25% with no points.
Citi: Citi has reduced its mortgage rates to help homeowners during the pandemic. The lender is offering a 30-year fixed-rate mortgage at 3.375% with no points.
Lenders That Haven’t Cut Rates
Quicken Loans: Quicken Loans has not yet cut its mortgage rates, but it has introduced a mortgage relief program to help homeowners affected by the pandemic. The program includes payment deferrals, waiving late fees, and more.
US Bank: US Bank has not yet reduced its mortgage rates, but it is offering a mortgage relief program for homeowners impacted by COVID-19. The program includes payment deferrals, loan modifications, and more.
Ally Bank: Ally Bank has not yet cut its mortgage rates, but it is offering a mortgage relief program for homeowners affected by the pandemic. The program includes payment deferrals, waiving late fees, and more.
Freedom Mortgage: Freedom Mortgage has not yet reduced its mortgage rates, but it is offering a mortgage relief program for homeowners impacted by COVID-19. The program includes payment deferrals, loan modifications, and more.
Conclusion
If you’re a homeowner looking to refinance your mortgage, it’s important to shop around and compare rates from different lenders. While some lenders have cut their rates to help homeowners during the pandemic, others have not yet followed suit. Keep in mind that even if a lender hasn’t cut its rates, it may still offer a mortgage relief program to assist borrowers impacted by COVID-19.