While a number of mortgage brokers and smaller, regional players will easily be able to offer lower mortgage rates to borrowers looking to buy a home, at the national level the playing field is a bit smaller among lenders that can function in every state. In this regard, the best mortgage rate of the week being offered by a national lender at the beginning of March 2013 belongs to Discover Bank.

When the criteria is changed for a less-than-stellar borrower with a score of 680 seeking a 30-year loan and only 10 percent down payment available, then the picture changes quite a bit. The best national interest rate falls into the hands of Quicken Loans instead at 3.76 percent and a 45 day lock period. Quicken also requires borrowers to pay down 2 points to be approved for their offered package.

The above two mortgage “deals” are dramatically different, but they also exhibit the significant difference in what the mortgage lending market offers, depending on the borrower’s own financial situation, assets, and property financing requested.