A 10 basis point decline in mortgage rates last week wasn’t enough to spur consumer demand for mortgages, according to the latest figures from the Mortgage Bankers Association.
For the week that ended June 2, mortgage applications fell 1.4% from the prior week. That was despite mortgage rates dropping to 6.81% from 6.91% during roughly the same period.
“Mortgage rates declined last week from a recent high, but total application activity slipped for the fourth straight week,” said Joel Kan, MBA’s vice president and deputy chief economist. “Overall applications were more than 30% lower than a year ago, as borrowers continue to grapple with the higher rate environment.”
After more than a year of steady rate increases by the Federal Reserve, the FOMC is expected to pause hikes at its upcoming meeting next week. But that might depend on the upcoming inflation reading scheduled on June 13, the same day of the meeting.
The MBA data showed that the average 30-year fixed rate for conforming loans ($726,200 or less) decreased to 6.81% last week from 6.91% the previous week. For jumbo loan balances (greater than $726,200), the rate decreased to 6.74% from 6.78% in the same period, according to the MBA.
However, at Mortgage News Daily, rates were even higher on Wednesday morning, at 6.89%.
Last week, federal lawmakers reached a deal on the U.S. debt ceiling and avoided a default on June 1, which could have pushed rates up by several percentage points.
Refinancing applications declined 1% last week compared to the previous week and were 42% lower than the same week one year ago. However, the refinance share of mortgage activity increased to 27.3% of total applications from 26.7% the previous week. Meanwhile, the purchase index decreased by 2% from one week earlier and was 27% lower than last year’s level on an unadjusted seasonal basis.
“Purchase activity is constrained by reduced purchasing power from higher rates and the ongoing lack of for-sale inventory in the market, while there continues to be very little rate incentive for refinance borrowers,” said Joel Kan.
Regarding loan types, the adjustable-rate mortgage (ARM) share of mortgage apps remained unchanged at 6.8% of total applications, the MBA data shows.
The Federal Housing Administration loans’ share rose to 13.2% from 12.7% the week prior. The U.S. Department of Veteran Affairs loans’ share increased to 12.5% from 12.1% in the same period. And the U.S. Department of Agriculture loans’ share decreased one basis point to 0.4% of the total applications.
Back in the day, if you wanted a loan to pay off your car or credit cards, you’d go to a bank or a credit union, sit down with a loan officer, and wait for them to tell you yes or no as they “crunched the numbers.”
But now peer-to-peer (P2P) lending has come onto the market, offering loans to borrowers directly from individuals — and usually carrying more favorable terms for those without a great credit profile. Borrowers can access up to $50,000 (or more) from lenders, with fixed term repayment scheduled and reasonable interest rates. Investors can also become lenders on P2P platforms, earning interest collected on loans as a passive form of investment income.
Let’s break down some of the best peer-to-peer lending sites for both borrowers and investors, so you can determine which option is best for you.
What’s Ahead:
Overview of the best peer-to-peer lending sites
Best for those with high credit scores: Prosper
Best for crypto-backed loans: BlockFi
Best for young people: Upstart
Best for a payday loan alternative: SoLo Funds
Best for small businesses: FundingCircle
Best for first-time borrowers: Kiva
Prosper: Best for those with high credit scores
APR: 6.99% to 35.99%
Term: 2 to 5 years
Prosper is the OG peer-to-peer lender in the market. It was founded in 2005 as the very first peer-to-peer lending marketplace in the U.S. According to their website, they’ve coordinated over $22 billion in loans.
Borrowing with Prosper
If you’re a borrower, you can get personal loans up to $50,000 with a fixed rate and a fixed term from two to five years in length. Your monthly payment is fixed for the duration of the loan. There are no prepayment penalties, either, so if you can pay it off early, you won’t be penalized.
You can get an instant look at what your rate would be and, once approved, the money gets deposited directly into your bank account.
Investing with Prosper
As an investor, you have many options on loans to choose from. There are seven different “risk” categories that you can select from, each with their own estimated return and level of risk. Here’s a look at the risk levels and the estimated potential loss, according to Prosper:
AA – 0.00 – 1.99%
A – 2.00 – 3.99%
B – 4.00 – 5.99%
C – 6.00 – 8.99%
D – 9.00 – 11.99%
E – 12.00 – 14.99%
HR (High Risk) – ≥ 15.00%
As you can see, the lower the letter, the greater the risk of default, hence a higher estimated potential loss. With just a $25 minimum investment, you can spread your risk out across all seven categories to provide your portfolio some balance.
The borrowers that you’re lending to are also above U.S. averages regarding their FICO score and average annual income.
Learn more about Prosper or read our full review.
BlockFi: Best for crypto-backed loans
APR: 4.5% – 9.75%
Term: 12 months
BlockFi is a popular crypto lending platform that offers crypto-backed loans to borrowers and pays out interest to lenders. BlockFi offers instant loans and requires no credit checks for borrowers. All loans are collateralized, meaning borrowers will need to lock in their crypto to borrow against it.
Borrowing with BlockFi
If you’re a borrower, you can get a crypto loan for up to 50% of the value of your crypto, with rates ranging from 4.5% to 9.75% APR, depending on the amount of collateral. Payments are made monthly and are fixed for the duration of the loan.
Interest rates are determined by the amount of collateral deposited and the loan-to-value (LTV) of the overall loan. There is a 2% origination fee on all loans.
Loan rate – 9.75% (50% LTV)
Loan rate – 7.9% (35% LTV)
Loan rate – 4.5% (20% LTV)
Bitcoin (BTC), Ether (ETH), Paxos Gold (PAXG), or Litecoin (LTC) can be used as collateral for the loan, and can be liquidated if the LTV goes above the original LTV of the loan.
Investing with BlockFi
BlockFi offers interest accounts for users who deposit crypto. The funds are used for crypto lending, and interest is paid out in the native crypto deposited. Interest rates vary by cryptocurrency, and range from 0.10% APY up to 7.50% APY. Stablecoins (such as USDC) pay out the highest rates.
Crypto interest accounts are not available to U.S. investors, as BlockFi was sued by the SEC for violating securities laws.
Read our full review.
BlockFi Bankruptcy Notice -On November 10, 2022, BlockFi announced that it had to suspend withdrawals from its platform due to the FTX liquidity crisis. As a result, consumers should not be using the BlockFi platform. As of November 28, 2022, BlockFi officially declared bankruptcy.
Upstart: Best for young people
APR: 5.6% – 35.99%
Term: 3 or 5 years
Upstart is an innovative peer-to-peer lending company that was founded by three ex-Google employees. In addition to being a P2P lending platform, they’ve also created intuitive software for banks and financial institutions.
What’s unique about Upstart is the way they determine risk. Where most creditors will look at a lender’s FICO score, Upstart has created a system that uses AI/ML (artificial intelligence/machine learning) to assess the risk of a borrower. This has led to significantly lower loss rates than some of its peer companies. Combine that with an excellent TrustPilot rating, and this company is certainly making waves in the P2P marketplace.
Borrowing with Upstart
Borrowers can get loans from $1,000 up to $50,000 with rates as low as 5.6%. Terms are either three or five years, but there’s no prepayment penalty.
Using their AI/ML technology, Upstart looks at not only your FICO score and years of credit history, but also factors in your education, area of study, and job history before determining your creditworthiness. Their site claims that their borrowers save an estimated 43% compared to other credit card rates.
Investing with Upstart
Investing with Upstart is also pretty intuitive. Unlike other P2P platforms, you can set up a self-directed IRA using the investments from peer-to-peer lending. This is a unique feature that many investors should be attracted to.
Like other platforms, you can set up automated investing by choosing a specific strategy and automatically depositing funds.
Upstart claims to have tripled their growth in the last three years due heavily to their proprietary underwriting model, so it might be worth a shot to consider this option.
Learn more about Upstart or read our Upstart review.
SoLo Funds: Best for a payday loan alternative
APR: 0% (tipping optional)
Term: Up to 35 days
SoLo Funds is a peer-to-peer platform that functions as a short-term lender, similar to payday loans. With term lengths only lasting for up to 35 days, loans must be paid back in a narrow timeframe. But instead of charging fees, borrowers can leave an optional tip instead.
SoLo Funds is an affordable option for clients who are in a pinch and need an advance on payday, but there are hefty fees if loans are not paid back within 35 days. Users will need to pay a 10% penalty plus a third-party transaction fee if late.
Borrowing with SoLo Funds
Borrowers can take out loans up to $575 for a maximum of 35 days. Loans do not charge fees, but allow borrowers to select an optional tip amount to lenders.
Loan applications only take a few minutes, and while most loans post within a few days, some may be instantly approved, offering same-day funding with money transferred to borrowers within a few hours.
Loans must be paid back in full within 35 days, or there is a 10% penalty plus other transaction fees. There is no option to roll the loan over.
Investing with SoLo Funds
Lending is fairly straightforward, with a simple sign-up process and no pre-qualifications needed. Since the loans are smaller amounts (up to $575), there are no minimums required for lending.
SoLo Funds has a marketplace of loan requests from borrowers, with details specified on each. Each loan request shows the amount needed plus the tip given by the borrower for the loan. Each borrower also has a SoLo Score, on a scale from 40 to 99, with higher scores showing more “worthiness” for paying back a loan. Loans can go into default, and if needed, to collections through a third party. There is a risk of total loss with SoLo Funds investing, though the platform does offer insurance against loss for a fee.
Learn more about SoLo Funds.
FundingCircle: Best for small businesses
APR: 11.29% to 30.12%
Term: 6 months to 7 years
FundingCircle is a small business peer-to-peer platform. The company was founded with the goal of helping small business owners reach their dreams by providing them the funds necessary to grow.
So far, they’ve helped 130,000 small businesses across the world through investment funds by 71,000 investors across the globe. FundingCircle is different in that it focuses on more substantial dollar amounts for companies that are ready for massive growth. They also have an excellent TrustPilot rating.
Borrowing with FundingCircle
As a borrower, the minimum loan is $25,000 and can go all the way up to $500,000. Rates come as low as 5.99%, and terms can be anywhere from six months to seven years. There are no prepayment penalties, and you can use the funds however you deem necessary — as long as they are for your business.
You will pay an origination fee, but unlike other small business loans, funding is much quicker (you can be fully funded as quickly as 1 business day).
Investing with FundingCircle
As an investor, you’ll need to shell out a minimum of $25,000. If that didn’t knock you out of the race, then read on.
According to FundingCircle, you’ll “Invest in American small businesses (not start-ups) that have established operating history, cash flow, and a strategic plan for growth.” While the risk is still there, you’re funding established businesses looking for extra growth.
You can manage your investments and pick individual loans or set up an automated strategy, similar to Betterment, where you’ll set your investment criteria and get a portfolio designed for you.
Learn more about FundingCircle.
Kiva: Best for first-time borrowers
APR: 0%
Term: Up to 3 years
If you want to do some good in the world, you’ll find an entirely different experience in P2P with Kiva. Kiva is a San Francisco-based non-profit that helps people across the world fund their businesses at no interest. They were founded in 2005 with a “mission to connect people through lending to alleviate poverty.”
Borrowing with Kiva
If you’d like to borrow money to grow your business, you can get up to $15,000 with no interest. That’s right, no interest. After making an application and getting pre-qualified, you’ll have the option to invite friends and family to lend to you.
During that same time, you can take your loan public by making your loan visible to over 1.6 million people across the world. Like Kickstarter, you’ll tell a story about yourself and your business, and why you need the money. People can then contribute to your cause until your loan is 100% funded. After that, you can use the funds for business purposes and work on repaying your loan with terms up to three years.
Investing with Kiva
As a lender, you can choose to lend money to people in a variety of categories, including loans for single parents, people in conflict zones, or businesses that focus on food or health. Kiva has various filters set up so you can narrow down exactly the type of person and business you want to lend your money to. You can lend as little as $25, and remember, you won’t get anything but satisfaction in return — there’s no interest.
You can pick from a variety of loans and add them to your “basket,” then check out with one simple process. You’ll then receive payments over time, based on the repayment schedule chosen by the borrower and their ability to repay. The money will go right back into your Kiva account so you can use it again or withdraw it. There are risks to lending, of course, but Kiva claims to have a 96% repayment rate for their loans. Just remember, you’re not doing this as an investment, you’re doing it to help out another person.
Learn more about Kiva.
What is peer-to-peer lending?
As the name suggests, peer-to-peer lending involves private individuals making loans to other individuals. The system runs contrary to the traditional model of banks and credit unions providing financial services because it cuts out the middleman.
While peer-to-peer lending had a surge in users over the past decade, in the past few years, some P2P lending companies have shuttered their services, including StreetShares, Peerform, and LendingClub.
How does peer-to-peer lending work?
Peer-to-peer lending shares many similarities with traditional lending:
You fill out an application with your financial and personal information, including the loan’s size, tax returns, and government-issued identification.
The lender will review your application before posting it on the site for investors.
Investors get to play the part of a loan officer, reviewing a list of applications and deciding where they might want to contribute.
The platform will indicate how risky the loan is and the potential return on investment.
Funding takes anywhere from one day up to two weeks.
Is peer-to-peer lending safe?
No one would say that peer-to-peer lending is 100% safe. No form of investing is. Many of the best peer-to-peer lending sites vet borrowers and investors to mitigate risk. The review process helps eliminate untrustworthy candidates, so borrowers can receive their loan and investors can earn interest.
Read more: Should you invest in peer-to-peer loans?
Pros & cons of P2P lending for investors
Pros
An attractive alternative to more traditional investments — You can round out your portfolio that might exclusively include stocks, bonds, and mutual funds. Some platforms merge private and public equities, so you can make all your investments in one place.
Most lending platforms let you select multiple loans at once — The variation enables you to reduce your risk exposure while potentially earning higher yields than a CD or savings account.
Feel good about your contribution — With sites like Kiva, you know that your money is going toward a humanitarian purpose.
Cons
Risk of default — When you lend money to individuals, you risk them defaulting. Peer-to-peer lending sites don’t come with FDIC insurance like a CD or savings account.
P2P loans lack the liquidity of stocks or bonds — Most loans are for three to five years, so you would have to wait until then to withdraw money.
Inequality — Some platforms, such as Funding Circle, only give access to accredited investors, so not everyone has equal access to lending opportunities.
Pros & cons of P2P lending for borrowers
Pros
You can circumvent the traditional bureaucracy of brick-and-mortar banks — Instead of waiting in line and negotiating with a loan officer, you have access to a fast, online experience. Because online platforms don’t have to worry about physical overhead, many can give borrowers competitive interest rates.
P2P loans typically aren’t as strict as banks or credit unions — The lax approach makes it easier to secure a loan if you have fair or poor credit history.
Often no prepayment penalties — You don’t have to worry about prepayment penalties in many cases.
Cons
Borrowers face more hurdles if they have a low credit score — Interest rates can go as high as 36% for those with lower scores, while some platforms don’t offer financial services to anyone with a credit score below 630.
Possibly high fees — Some sites have origination fees of 6%.
Impersonal — If you want the old-fashioned face-to-face borrowing experience, peer-to-peer lending isn’t for you. You don’t have a chance to sit down with your lender and hash out terms.
Loan caps around $50,000 — If you need more money, you’ll likely have to go to a bank or credit union.
Summary
Peer-to-peer lending is a great option for borrowers with less-than-stellar credit who want access to capital with reasonable terms and rates. P2P lending is ideal for small businesses and individuals who are looking for a personal loan that does not require mountains of paperwork, and that is funded quickly (usually within a few days).
But not all P2P lending platforms operate the same, and some can charge high origination fees and interest rates. Others require high minimum loan amounts to borrow as well, making them less accessible to some borrowers.
Investors can earn decent returns with P2P lending, but there is also the risk of default and the mess of going through collections agencies occasionally. Finding a solid platform with detailed risk mitigation strategies (such as borrower scores), and insurance against default can help alleviate these concerns, but it may eat into your profits.
While peer-to-peer lending is not seeing the massive growth of a few years ago, it is still a solid option for borrowers and investors alike.
The four-day business week accompanying the Memorial Day Holiday contributed to a further slowdown in mortgage applications. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, decreased 1.4 percent on a seasonally adjusted basis and dropped 12 percent on an unadjusted basis.
The Refinance Index decreased 1.0 percent from the previous week and was 42.0 percent lower than the same week one year ago. The refinance share of mortgage activity increased to 27.3 percent from 26.7 percent the previous week.
The seasonally adjusted Purchase Index dipped 2.0 percent. The unadjusted index was down 13.0 percent week-over-week and 27 percent on an annual basis.
“Mortgage rates declined last week from a recent high, but total application activity slipped for the fourth straight week,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “The 30-year fixed rate dipped to 6.81 percent; 10 basis points lower than last week but still the second highest rate of 2023 to date.
“Overall applications were more than 30 percent lower than a year ago, as borrowers continue to grapple with the higher rate environment. Purchase activity is constrained by reduced purchasing power from higher rates and the ongoing lack of for-sale inventory in the market, while there continues to be very little rate incentive for refinance borrowers. There was less of a decline in government purchase applications last week, which was consistent with a growing share of first-time home buyers in the market.”
Highlights from MBA’s Weekly Mortgage Applications Survey
Loan sizes dropped by about $10,000 last week. The overall loan size was $381,200 with purchase loans averaging $429,700.
The FHA share of total applications increased to 13.2 percent from 12.7 percent and the VA share increased to 12.5 percent from 12.1 percent. USDA loan applications accounted for 0.4 percent of the total.
The 6.91 percent average rate for conforming 30-year fixed-rate mortgages (FMR) was accompanied by a point drop from 0.83 to 0.66.
Jumbo 30-year FRM had an average rate of 6.74 percent compared to 6.78 percent the prior week. Points fell to 0.56 from 0.76.
Thirty-year FRM with FHA guarantees declined from 6.85 percent,with 1.26 points to 6.73 percent with 1.15 points.
The rate for 15-year fixed-rate mortgages decreased to 6.25 percent from 6.41 percent, with points decreasing to 0.62 from 0.84.
The average contract interest rate for 5/1 adjustable-rate mortgages (ARMs) increased to 5.93 percent from 5.39 percent,with points increasing to 0.96 from 0.46.
The ARM share of activity was unchanged at 6.8 percent.
The Sunshine State is a great place to call home. Whether you’re an individual or small business owner, rest assured there are many banks available to help you meet your financial goals.
While some banks have brick-and-mortar locations in Miami, Tampa, Jacksonville, Orlando, and other parts of the state, others are online-only, meaning you’ll need to use an online portal or mobile banking app to manage your accounts.
15 Best Banks in Florida
We’ve done all the research and compiled this list of the best banks in Florida so you can make the most informed decision for your unique situation.
1. Huntington Bank
Huntington Bank has been around since 1866 and primarily services Southwest Florida. Its solo Florida branch can be found in Naples but you can bank from anywhere, thanks to a robust digital banking program.
Huntington’s checking accounts come with many benefits, such as 24-hour grace overdraft fee relief, platinum debit cards, mobile pay, and early pay. You can make deposits to them directly or through an ATM or mobile device.
If you’re looking for the ideal savings account, you may choose from several money market accounts, IRAs and other retirement accounts, and certificates of deposit. Huntington serves small business owners in Florida as well through business checking accounts, business credit cards, business loans, insurance products, and more.
2. Chime
Chime isn’t a traditional bank or credit union. However, it’s a mobile banking app you can take advantage of in Florida. It made its debut in 2013 and offers online banking services through Bancorp Bank, N.A. and Stride Bank.
With the Chime Checking account, you can enjoy early direct deposit, automated savings tools, free debit card replacement, and access to over 60,000 fee free ATMs across the county. If you opt for the Chime High-Yield Savings account, you’ll lock in a competitive interest rate and won’t have to pay monthly fees or meet a minimum balance requirement. Plus, there is no cap on how much interest you may earn.
3. Revolut
Revolut is another non-traditional banking opinion that serves Floridians from the U.K. With Revolut, you can access your paycheck up to two days early and won’t be charged fees for withdrawals at 55,000 ATMs across the nation.
If you consider yourself an avid traveler, you’re sure to appreciate its travel perks, such as currency exchange, overseas health insurance, delayed baggage and flight insurance, and the ability to make purchases in numerous currencies.
With the Smart Delay feature, you’ll get to hang out in airport lounges if your flight is delayed. Additionally, Revolut offers budgeting and analytics tools so you can keep your finances in check as well as cash back when you make purchases at select retailers.
4. Ally Bank
Ally Bank is an online bank with rates that are about 10 times the national average. Even though there are no Ally branches in Florida, it’s a solid pick if you’d like your money to grow quickly. Unlike most brick-and-mortar financial institutions in the Sunshine State, Ally doesn’t charge monthly fees or impose minimum balance requirements.
You can open an Ally account with any deposit amount. In addition to a savings account, you may take advantage of an interest bearing checking account and credit cards with rewards like cash back and travel points. We can’t forget Ally’s retirement and investment services, which include self-directed trading, robo portfolios, IRAs, stocks, commission-free ETFs, and even cryptocurrency.
5. Regions Bank
Regions Bank is a regional bank with more than 300 branches and 500 ATMs in Florida. If you’re an avid traveler, rest accrued the bank also has many locations in the Midwest, South, and Texas. Regions stands out from other, larger financial institutions for its checking account rewards program and LifeGreen Savings account, which is free of monthly maintenance fees and service fees.
In addition to the LifeGreen Savings account, you may opt for a Regions Savings account. This account offers a discount on a safe deposit box, a minor account for children under 18, and the Now Savings account, which is specifically for those with a Regions prepaid Visa card.
Furthermore, Regions offers CDs with terms that range from seven days and 72 months. Other perks include a robust mobile app and 24/7 customer service through an online secure messaging system.
6. Bank of America
Bank of America is a large bank with nearly 500 branches throughout the Sunshine State and no shortage of ATMs across the country. Thanks to its handy mobile app, you can cash checks, pay bills, and manage your accounts while you’re on the go. Speaking of accounts, there’s something for everyone at Bank of America.
The Bank of America Advantage Banking account is a checking account with three features: SafeBalance, Advantage Plus, and Advantage Relationship. With SafeBalance, which is ideal for students, you don’t have to worry about overdraft fees.
Advantage Plus offers several ways to waive monthly fees and Advantage Relationship rewards you with interest and other perks for higher balances. In addition, Bank of America boasts credit cards with generous sign on bonuses for new checking account customers, a variety of mortgages, and investment management services.
7. Chase Bank
Chase Bank is a part of JPMorgan Chase and has more than 400 branches in Florida. With Chase, you can expect a large ATM network of over 16,000 ATMs across the country and a number of online and mobile banking tools. If you decide to become a Chase customer, you’ll have access to two savings accounts: the Chase Savings account and the Chase Premier Savings account.
While Chase Savings comes with a low monthly fee, the Chase Premier Savings is a solid pick if you’re looking for a competitive interest rate on a large balance. When it comes to checking accounts, Chase offers several options, like the Chase Total Checking account and the Chase Sapphire Checking account with perks like attractive interest rates and no ATM fees.
Note that the Chase Sapphire Checking account is only available for Sapphire members with an average balance of $75,000 average balance.
8. Fifth Third Bank
Fifth Third Bank is a national bank that was recognized by J.D. Power for the great banking experience it provides in Florida. It has numerous branches in Bradenton, Lakeland, Apopka, Orlando, and other cities throughout the state.
You can open a checking or online savings account without having to worry about an opening deposit requirement and won’t be charged a monthly fee for any checking account.
If you do face a fee for a savings account, there are several ways to get it waived. Fifth Third also offers an extensive ATM network, which will give you access to more than 50,000 ATMs across the country.
Additionally, if you get paid via direct deposit in a Fifth Third account, you may access your paycheck up to two days early. For questions and concerns, you can reach out to Fifth Third’s customer service team 6-days a week.
9. TIAA Bank
TIAA Bank is the largest regional bank in the Sunshine State. You can find its financial centers in Jacksonville, Clearwater, Boca Raton, Coral Gables, Fort Lauderdale, Naples, and Fort Myers.
In addition to a personalized banking experience, this Florida bank provides a checking account featuring low fees and no transaction limits, a savings account with no monthly account fees and competitive rates, and three different types of CDs.
Plus, the bank is digitally savvy and provides online banking tools so you can keep tabs on your accounts, set a budget and savings goals, make transfers, pay bills, and send money with Zelle. If you’re interested in investing, TIAA Bank will give you the opportunity to invest in precious metals and foreign currencies.
10. Capital One
Capital One is a national bank that’s known for its flagship 360 Checking account. With a 360 Checking account, you can enjoy an attractive interest rate, access to more than 70,000 fee-free ATMs across the U.S., and 24/7 mobile banking.
You also won’t be on the hook for any monthly fees and Capital One will automatically decline any transitions that overdraw your balance for no extra charge.
Even though Capital One does not have any physical branches in Florida, you can apply for and manage your accounts online. Other benefits of Capital One include early paycheck, which can allow you to receive your incoming funds up to two days early, free financial coaching sessions, and a well-designed mobile app.
11. Raymond James Bank
Raymond James Bank is based in Florida. It’s an affiliate of Raymond James, which is a financial company with headquarters and one branch location in St. Petersburg. Through its Enhanced Savings Program, you’ll be able to earn interest on certain cash if you link your brokerage account to a high-yield Raymond James bank account.
You can also receive yields that are higher than traditional checking or savings accounts without bank fees or holding periods. Raymond James also offers a plethora of mortgage products, such as fixed rate and adjustable rate mortgages, interest-only mortgages, jumbo mortgages, pledged securities mortgages, construction mortgages, and home equity lines.
12. PNC Bank
PNC Bank is one of the largest traditional banks in the U.S. with nearly 200 branches in Florida. It offers the PNC Standard Savings account, a children’s savings account, and Virtual Wallet, which pairs a traditional checking and savings account. If you decide on the Virtual Wallet, you can enjoy a generous sign-up bonus and no fees.
When it comes to CDs, you can choose from a plethora of options including fixed rate CDs, ready access CDs, fixed rate IRA CDs, callable CDs, variable CDs, and stepped rate CDs. Additionally, the bank goes the extra mile with free budgeting tools and competitive interest rates for account holders that meet certain criteria. As an added bonus, PNC has a reputation for stellar customer service.
13. Discover Bank
Discover Bank is known for its credit cards. However, it’s an online bank with other banking products for Florida residents. Not only does Discover offer cash back on debit card purchases, it doesn’t charge monthly maintenance fees, insufficient funds fees, or overdraft fees.
While there are no branch locations in Florida, Discover has an intuitive mobile banking app and is part of a large ATM network of more than 60,000 fee free ATMs. In addition to checking accounts and savings accounts, you can turn to Discover for credit cards with various rewards and loans, like personal loans, student loans, home equity loans, and mortgage refinancing.
14. Wells Fargo
Wells Fargo is a major financial institution with more than 600 branches and thousands of ATMs throughout Florida. At Wells, you’ll find a full suite of banking products and services, such as checking accounts, savings accounts, certificates of deposit (CDs), credit cards, personal loans, and home loans.
You can choose from a basic, no-frills free checking account or opt for an interest checking account or a checking account for a teen or young adult. There are also a few saving account options, like a goal-based savings account and a high-interest savings account.
While you can visit a local branch if you prefer an in-person banking experience, you may also take advantage of online and mobile banking. In addition, Wells offers other conveniences like Zelle money transfers and online bill pay.
15. My eBanc
My eBanc is an online savings bank that serves customers in Florida and other parts of the U.S. It’s part of Banco Bradesco, a large bank in Latin America, which is an FDIC insured institution chartered in Florida. As a My eBanc customer, you’ll have access to several products that can help you save money and achieve various financial goals.
The SuperSaver Money Market account requires a $5,000 minimum deposit but offers perks such as a competitive interest rate, unlimited deposits, money management tools, and mobile check deposit. Other popular accounts you might consider include the eRelationship Savings account and Advantage Checking account. My eBanc also offers online time deposits with terms between 6 months and 36 months.
Types of Banks in Florida
The ideal bank depends on your particular banking preferences. In the Sunshine State, most banks are either national banks, regional banks, community banks, or online banks. Let’s take a closer look at how each banking option works.
National Banks
National banks are common in larger cities throughout Florida. If you’re looking for a wide range of banking products, you’re sure to find them at national banks, such as Wells Fargo, PNC Bank, and Wells Fargo.
Regional Banks
Regional banks have branches in certain regions of the U.S. In most cases, these banks are mid sized and offer a good mix of personal banking and business banking products. A few examples of regional banks in Florida include Regions Bank and TIAA Bank.
Community Banks
Community banks serve customers in specific geographic areas. Also known as local banks, community banks are similar to credit unions in that they focus on personal customer service and community outreach. Community Bank of the South and Mainstreet Community Bank of Florida are two community banks in Florida.
Online Banks
Online banks don’t have physical locations in Florida but serve individuals and businesses with online banking services. Since they have less overhead costs than banks with brick-and-mortar locations, online banks tend to offer more competitive interest rates and minimal to no fees.
Bottom Line
If you live or work in Florida, there are many reputable banking options available to you. As you explore various banks and credit unions, consider their accounts and services, fees, interest rates, customer service, and perks. Good luck in your search for the best bank in Florida.
Frequently Asked Questions
What are the largest banks in Florida?
The largest banks in the Sunshine State include Bank of America, Wells Fargo, and Fifth Third Bank. These banks have many branches throughout the state.
Should I choose an online bank?
If you’re comfortable with the internet or mobile apps, online banking from a place like Ally Bank and CIT Bank can be a smart choice. This is particularly if you can find the products you need with competitive interest rates and low fees.
What is the best bank for in person service?
Florida offers many great options if you prefer an in-person banking experience. You might want to consider Regions Bank, TIAA Bank, or Raymond James Bank.
How do I open a bank account in Florida?
Most banks allow you to open a deposit account online, from the comfort of your own home or office. Be prepared to make a minimum opening deposit and provide basic personal information, like your name and Social Security number.
Do Florida banks charge fees?
In most cases, larger brick and mortar banks require customers to pay fees like monthly service fees, wire transfer fees, overdraft fees, excessive withdrawal fees, ATM fees, and late payment fees. You might be able to get them waived, depending on the bank and the type of account you open.
What is the best local bank in Florida?
There are many local banks in the Sunshine State that each come with their own benefits and drawbacks. Several options you might want to explore include Florida Shores Bank, Seaside Bank and Trust, and One Florida Bank.
What is the difference between a bank and a credit union?
Anyone can become a customer at a bank. If you want to take advantage of the products and services at a credit union, you’ll need to meet certain criteria and join it.
By Friday, there’s a distinct possibility that you’ll be tired of hearing different versions of the same story. The plot: last Friday’s jobs report prevented rates from falling back into the mid-6% range, but wasn’t enough to propel rates well into the 7% range. Without much by way of highly consequential data on the calendar, it makes sense that bigger movements might be on hold until next week’s dynamic duo (Consumer Price Index and the Fed) takes the stage.
True to the plot, today saw very little change in the average 30yr fixed rate. That absence of change mirrors unchanged levels in the underlying bond market.
Typically, you pay a premium if you select a 30-year fixed mortgage versus an adjustable-rate mortgage.
The reason is simple – the interest rate is locked in and will not change during the entire loan term, which is a full 30 years, or 360 months.
Conversely, if you choose to go with an adjustable-rate mortgage, such as a 5/1 ARM or a 7/1 ARM, you only receive the benefit of a fixed rate for the first five or seven years, respectively.
It is then subject to change annually during the remaining 23 or 25 years of the loan term.
As such, you should be entitled to a discount on your mortgage rate during that initial fixed period to make up for the risk of the interest rate resetting higher once the fixed period ends.
This spread can change over time depending on what’s going on in the economy and secondary market, along with lender/investor appetite for certain products.
Today’s Menu: 30-Year Fixed or Bust
Mortgage rates are usually highest on the 30-year fixed
Because borrowers receive a fixed interest rate for a full three decades
Discounts are typically given on riskier products like ARMs or shorter-term loans like the 15-year fixed
But right now lenders aren’t passing along the usual discounts
At the moment, anything that isn’t a 30-year fixed mortgage is basically out of favor.
This is probably even more true with nonbank lenders and those who sell off their mortgages, as opposed to keeping them in their own bank portfolio.
This explains why you’re no longer seeing the usual discounts offered for loan products like ARMs, and in some cases, even shorter-term fixed-rate mortgages, including the 15-year fixed.
Once again, I traveled across the internet to see what mortgage lenders were advertising for their popular loan programs, and this trend is pretty clear.
Lender
ARM or 15-Year Fixed Rate
30-Year Fixed Rate
Bank of America
3.375% (10/1 ARM)
3.375%
BB&T
3.375% (15-year fixed)
3.375%
Chase
3.49% (7/1 ARM)
3.125%
Citi
4.75% (7/1 ARM)
3.875%
Citizens Bank
3.375% (7/1 ARM)
3.375%
Navy Federal
2.375% (5/5 ARM)
2.875%
Quicken Loans
3.125% (10/1 ARM)
3.375%
USAA
*3.50% (VA 5/1 ARM)
3.50%
Wells Fargo
3.625% (5/1 ARM)
3.375%
Bank of America is advertising a 30-year fixed for 3.375% with 0.786% discount points, and a 10/1 ARM for the same rate with 0.971% discount points. In this example, it’s actually more expensive to take the riskier loan product.
BB&T is charging the same 3.375% for a 30-year or 15-year fixed refinance rate, yet the APR is slightly higher on the 15-year.
Chase will give you a 30-year fixed for 3.125%, or a 5/1 ARM for the same price. If you want a 7/1 ARM, the rate jumps up to 3.49%. More risk for more money…that’s a sign of a messed-up mortgage market.
Citi is showing super wild mortgage rates, with the 30-year fixed 3.875% with 0.125% points, and the 7/1 ARM pricing at 4.75% with a full point charged. You’d be crazy to go with the ARM.
Over at Citizens Bank, they’re advertising a 30-year fixed for 3.375% with .50% discount points. Meanwhile, their 7/1 ARM features the same exact rate with .125% discount points.
So slightly cheaper in terms of closing costs, but the same exact rate. It wouldn’t make much sense for most folks to go with the ARM unless they absolutely knew they’d be selling before those seven years were up.
And right now, there’s not a whole lot of certainty in terms of what’s next for anyone.
Some mortgage lenders aren’t advertising or possibly even offering ARMs at the moment, including Better Mortgage and Guaranteed Rate.
Navy Federal seems relatively normal, with their 30-year fixed 2.875% with 1.25 points, and their 5/5 ARM pricing at 2.375% with 0.25% points.
That’s a discount of a half a percent, which is more of what you’d expect to see based on the risk profiles of both loan programs. This might be because they keep the loans they originate.
At Quicken Loans, you can get a slight discount on a 10-year ARM vs. a 30-year fixed, 3.125% instead of 3.375%.
Then there’s USAA, which is advertising a 30-year fixed VA loan for 3.50% with negative mortgage points of 0.375%, and a 5/1 ARM with “APR typically around 3.500%.” You have to call to get the scoop, but it doesn’t sound much cheaper.
Lastly, Wells Fargo is offering a 5/1 ARM for 3.625%, and a 30-year fixed for a cheaper 3.375%.
So again, you’d be better off taking the 30-year fixed, not only because the interest rate is lower, but it’s also fixed for the full mortgage term.
It’s All About the Plain Vanilla Home Loan Right Now
Mortgage lenders are very skittish at the moment like all other businesses
As such they’re sticking to their safest products like the 30-year fixed while also tightening underwriting standards
This is partially because it’s easier to sell these types of loans on the secondary market to investors
Expect it to be more difficult to find a home loan with exotic features for the foreseeable future
In summary, mortgage lenders are grappling with a lot of uncertainty, just like everyone else thanks to the coronavirus (COVID-19).
And when that happens, they flock to the safety and security of the 30-year fixed, similar to how investors flee the stock market and head toward government bonds, which are guaranteed to be paid back.
Speaking of being paid back, the Fed’s QE4 program targets agency mortgage-backed securities, such as those backed by Fannie Mae and Freddie Mac.
At the moment, banks and lenders are eschewing anything that isn’t super vanilla, aka basic and low-risk.
Those who are offering ARMs, jumbo loans and other traditionally riskier products are charging a premium in many cases since they don’t have the benefit of the Fed as a buyer.
Others are just removing them from their product menu, perhaps until the dust settles.
It’s reminiscent of the mortgage crisis that took place in the early 2000s, when lenders only originated boring old fixed-rate mortgages and ditched all the aggressive option ARMs, interest-only loans, and so on.
To make matters worse for some borrowers, they’re also upping minimum credit score requirements and getting tougher with their underwriting, whether it’s a lower max DTI ratio or a lower max loan-to-value ratio (LTV).
The name of the game is less risk, so if you’ve got a questionable loan scenario, it might be difficult to get funding right now.
Hopefully this is a short-term phenomenon, but no one knows for sure how long it will last.
Read more: What mortgage has the best interest rate?
Mortgage rates fell slightly this week, staying almost flat ahead of the Federal Reserve’s closely watched interest rate-setting meeting next week.
The 30-year fixed-rate mortgage averaged 6.13% in the week ending January 26, down from 6.15% the week before, according to data from Freddie Mac released Thursday. A year ago, the 30-year fixed rate was 3.55%.
“Mortgage rates continue to tick down and, as a result, home purchase demand is thawing from the monthslong freeze that gripped the housing market,” said Sam Khater, Freddie Mac’s chief economist. “Potential homebuyers remain sensitive to changes in mortgage rates, but ample demand remains, fueled by first-time homebuyers.”
After climbing for most of 2022, spurred by the Fed’s harsh interest rate hikes to tame soaring inflation, mortgage rates have been trending downward since November, alongside data that continues to show inflation may have reached its peak. Last week’s mortgage rates hit the lowest level since September.
The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. The survey includes only borrowers who put 20% down and have excellent credit. Many buyers who put down less money upfront or have less than ideal credit will pay more than the average rate.
All eyes on the Fed
The Fed is expected to continue its rate-hiking campaign at its two-day meeting on January 31 to February 1. The central bank is likely to announce a smaller increase in the fed funds rate, with a quarter-point hike, compared with the half-point and three-quarter-point increases in the meetings last year.
The Fed does not set the interest rates borrowers pay on mortgages directly. But its actions influence them. Mortgage rates tend to track the yield on 10-year US Treasury bonds, which move based on a combination of anticipation about the Fed’s actions, what the Fed actually does and investors’ reactions.
When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow.
“The Freddie Mac fixed rate for a 30-year loan rebounded slightly this week, following the trajectory of the 10-year Treasury,” said Jiayi Xu, an economist at Realtor.com. “While businesses and investors are watching the market closely, the recent large-scale layoffs in the tech sector combined with Monday’s stock market rebound have created mixed signals.”
On one hand, she said, many cash-burning tech companies are struggling with the Fed’s rate hikes. On the other hand, investors are happy about slowing inflation and anticipate that interest rate hikes may begin to moderate or stabilize in the months ahead.
Economic indicators like the low unemployment rate and the cooling inflation rate do not point toward a recession, Xu said. “However, it’s important to keep in mind that monetary policy takes time to have an impact, and these economic indicators might not yet show the full effects of the restrictive policy,” she said.
While the Fed may continue to raise rates this year, Xu said, the slower pace will help to create a soft landing for the economy by balancing the risks of bringing down inflation without pushing up the unemployment rate.
“Despite slowing inflation, the expected ongoing restrictive monetary policy may keep mortgage rates in the 6%-7% range in the short term,” she said.
Mortgage applications rise
The downward trend for mortgage rates since November has had a positive impact on home affordability for mortgage borrowers.
Homebuyer affordability improved in December, with the national median payment decreasing 2.9% to $1,920 from $1,977 in November, according to the Mortgage Bankers Association.
Many buyers are taking advantage of the relatively lower rates of the past few weeks: Applications for mortgages were up 7% last week from one week earlier, according to MBA.
“Borrower demand, thanks to lower mortgage rates, continues to rise in early 2023,” said Bob Broeksmit, MBA president and CEO. “Mortgage applications increased for the third straight week. Purchase demand is still below year-ago levels, but lower rates and improving affordability are favorable developments for the housing market heading into the spring.”
Buyer traffic is picking up in many markets, even if inventory is slow to improve.
“High costs and concerns about economic uncertainty had many buyers pausing their purchasing decisions and led to fewer transactions,” said Xu. “However, decreased competition may have presented opportunities for some first-time home buyers.”
Demand for mortgages declined for the second consecutive week, led by a dip in purchase mortgage applications — despite rates on a downward trend.
The market composite index, a measure of mortgage loan application volume, decreased 1.7% for the week ending July 8, according to the Mortgage Bankers Association (MBA). The refinance index rose 2% from a week earlier and the purchase index dropped 4%.
“Purchase applications for both conventional and government loans continue to be weaker due to the combination of much higher mortgage rates and the worsening economic outlook,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting.
Freddie Mac PMMS showed purchase mortgage rates dropped 40 basis points to 5.3% last week. Rates during the previous two weeks dropped by half a percent but were still well above the 30-year purchase rate of 2.9% from the same period in 2021.
The trade group estimates the average contract 30-year fixed-rate mortgage for conforming loans ($647,200 or less) remained at 5.74%, unchanged from the previous week. Jumbo mortgage loans (greater than $647,200) dipped to 5.25% from 5.28%.
After reaching a record average purchase loan size of $460,000 in March 2022, the figure declined to $415,000 last week led by the potential moderation of home price growth and weaker purchase activity at the upper end of the market, Kan added.
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The refi share of total applications rose to 30.8% last week, largely due to an uptick in conventional and Federal Housing Administration (FHA) refinances. The overall refi index remained 5% below the average level reported in June, according to the MBA.
“With the 30-year fixed rate 265 basis points higher than a year ago, refinance applications are expected to remain depressed,” said Kan.
In a separate projection made by the MBA in June, of the $2.4 trillion origination volume forecast for 2022, about $730 billion is expected to come from refis. About $2.3 trillion, more than 40% of the $4 trillion origination volume, came from refis in 2021.
The FHA share of total applications decreased to 11.7% from the previous week’s 12%. The United States Department of Agriculture (USDA) share also declined to 0.5% from the week prior’s 0.6%. The Veterans Affairs (VA) share of total applications slightly rose to 11.2% from 11.1%.
The share of adjustable-rate mortgages (ARM) applications also rose, accounting for 9.6%. According to the MBA, the average interest rate for a 5/1 ARM increased to 4.71% from 4.62% a week prior.
The survey, conducted weekly since 1990, covers 75% of all U.S. retail residential mortgage applications.
Purchase mortgage rates this week continued their recent downward trend, dropping 40 basis points to 5.30%, according to the latest Freddie MacPMMS Index.
A year ago at this time, 30-year fixed rate purchase rates were at 2.90%. The PMMS, a government-sponsored enterprise index, accounts solely for purchase mortgages reported by lenders during the past three days.
“Over the last two weeks, the 30-year fixed-rate mortgage dropped by half a percent, as concerns about a potential recession continue to rise,” Sam Khater, chief economist at Freddie Mac, said in a statement.
Another index showed the 30-year conforming rates also declined from last week.
Black Knight’s Optimal Blue OBMMI pricing engine, which includes some refinancing data — but excludes cash-out refis to avoid skewing averages – measured the 30-year conforming rate at 5.68% Wednesday, down from last week’s 5.89%. Meanwhile, the 30-year fixed-rate jumbo was at 5.10% Wednesday, down from 5.42% from the previous week.
Mortgage rates tend to move in concert with the 10-year U.S. Treasury yield, which fell to 2.93% Wednesday, down from 3.10% a week before. The federal funds rate doesn’t directly dictate mortgage rates, but it does steer market activity to create higher rates and reduce demand.
How lenders can navigate a shifting market with non-QM loan options
In an effort to counter margin compression and satisfy a new generation of homebuyers, lenders are looking to offer loan options that better fit the average borrower. HousingWire recently spoke with John Keratsis, President and CEO of Deephaven Mortgage, about the potential benefits of non-QM lending in today’s tight housing market.
Presented by: Deephaven
Following the Federal Reserve’s interest rate hike of 75 basis points on June 15, mortgage rates climbed for two weeks, but started to decline last week, as expected by mortgage industry economists.
Mike Fratantoni, Mortgage Bankers Association’s (MBA) chief economist and senior vice president of research and industry technology, told HousingWire that after the Fed’s meeting in June and the removal of some of the market’s uncertainty over the path of rising rates, that rates would settle back to something closer to 5.5%.
Despite the decline in rates, borrowers’ demand for mortgage loans fell this week – mortgage application volume declined 5.4%, according to the MBA. Refi apps decreased 7.7% from the previous week and purchase application were down 4.3% from a week earlier.
Khater said that while the drop in rates provides “minor relief to buyers, the housing market will continue to normalize if home price growth materially slows due to the combination of low housing affordability and an expected economic slowdown.”
According to Freddie Mac, the 15-year fixed-rate purchase mortgage averaged 4.45% with an average of 0.8 point, down from last week’s 4.83%. The 15-year fixed-rate mortgage averaged 2.20% a year ago.
The 5-year ARM averaged 4.19% this week, down from 4.50% the previous week. The product averaged 2.52% a year ago.
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Marje, Getty
Mortgage rates are trending about the same across the board. Here are today’s average mortgage rates:
30-year fixed: 7.17%
15-year fixed: 6.33%
30-year jumbo: 6.89%
Current mortgage rates for June 2, 2023
*Data accurate as of June 1, 2023, the latest data available.
30-year fixed mortgage rates
Today’s 30-year fixed mortgage rate is 7.17%, which is lower than last week’s 7.35%, according to data from Curinos. This is an increase from last month’s 5.95%. Last year around the same time, 30-year fixed rates were 4.85%, which makes today’s rate much higher than it was a year ago.
At the current 30-year fixed rate, you’ll pay about $677 each month for every $100,000 you borrow — down from about $688 last week.
15-year fixed mortgage rates
The mortgage rates for 15-year fixed loans dropped today to 6.33% from 6.48% last week. Today’s rate is up from last month’s 5.35% and up from a year ago when it was 4.11%.
At the current 15-year fixed rate, you’ll pay about $862 each month for every $100,000 you borrow, down from about $870 last week.
30-year jumbo mortgage rates
The mortgage rates for 30-year jumbo loans dropped today to 6.89% from 6.93% last week. This is up from last month’s 5.79% and up from 4.50% last year.
At the current 30-year jumbo rate, you’ll pay around $658 each month for every $100,000 you borrow, up from about $660 last week.
Methodology
To determine average mortgage rates, Curinos uses a standardized set of parameters. For conventional mortgages, the calculations are based on an owner-occupied, one-unit property with a loan amount of $350,000. For jumbo mortgages, the loan amount is $750,000. These calculations assume an 80% loan-to-value ratio, a credit score of 740 or higher and a 60-day lock period.
Frequently asked questions (FAQs)
Mortgage rates are determined by a variety of factors, including the overall economy, inflation and the actions of the Federal Reserve. Mortgage lenders then set their loan rates based on these economic elements.
The rate you’re offered on a mortgage will also depend not only on the lender but also on your credit score, income, debt-to-income (DTI) ratio and other parts of your financial profile.
If you opt for a rate lock, you can typically do so for 30 to 60 days, depending on the lender. In some cases, you might be able to lock in your rate for up to 120 days.
Keep in mind that while some lenders allow you to lock in a mortgage rate for free, you’ll likely have to pay a fee for a longer lock period. This fee generally ranges from 0.25% to 0.5% of your loan amount. You could also be charged a fee if you want to extend the lock period — usually 0.375% of the loan amount.
There are several strategies that could help you qualify for the best mortgage rate, such as:
Checking your credit: When you apply for a mortgage, the lender will review your credit to determine your creditworthiness as well as your interest rate. In general, the higher your credit score, the lower your rate will be. So before you apply, it’s a good idea to check your credit to see where you stand. If you find any errors in your credit report, dispute them with the appropriate credit bureau to potentially boost your score.
Comparing lenders: Taking the time to shop around and compare your options from as many lenders as possible can help you find the best deal. In addition to rates, make sure to also consider each lender’s terms, fees and eligibility requirements.
Improving your credit score: If you have less-than-perfect credit and can wait to apply for a mortgage, it could be worth working to improve your credit beforehand to qualify for better rates in the future. Some possible ways to boost your credit include paying all of your bills on time and aiming to keep your credit utilization (the amount of credit you’ve used compared to your credit limits) on credit cards and lines of credit at 30% or less.
Reducing debt: Paying down debt could help lower your DTI ratio, which is how much you owe in monthly debt payments compared to your income. Having a lower DTI ratio can make you look like less of a risk in the eyes of a lender, which can result in a lower rate.
Choosing a shorter repayment term: Lenders typically offer lower rates to borrowers who opt for shorter terms. For example, you’ll likely get a lower rate on a 15-year mortgage compared to a 30-year loan.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
Jamie Young is lead editor of loans and mortgages at USA TODAY Blueprint who has been writing and editing for online media for 12 years. Previously, she worked for Forbes Advisor, Credible, LendingTree, Student Loan Hero, and GOBankingRates. Her work has also appeared on some of the best-known media outlets including Yahoo, Fox Business, Time, CBS News, AOL, MSN, and more. Jamie is passionate about finance, technology, and the Oxford comma. In her free time, she takes care of her two crazy cats and ever-growing collection of plants. You can follow her on Twitter @atjamie.
Megan Horner is editorial director at USA TODAY Blueprint. She has over 10 years of experience in online publishing, mostly focused on credit cards and banking. Previously, she was the head of publishing at Finder.com where she led the team to publish personal finance content on credit cards, banking, loans, mortgages and more. Prior to that, she was an editor at Credit Karma. Megan has been featured in CreditCards.com, American Banker, Lifehacker and news broadcasts across the country. She has a bachelor’s degree in English and editing.
