Interest Rates Are Low, but Loans Are Harder to Get

Because of the current economic crisis caused by the coronavirus pandemic, interest rates are now extremely low. This should mean that banks and lenders are handing out loans left and right, but that is not the case. Because of how the virus has spread, shutting down many parts of the country, forcing millions of people out of work, and leaving the remaining workers in a precarious situation, lenders have tightened their requirements for qualifying for loans, including requiring higher credit scores and more documentation. Despite having literal billions of dollars available to loan, lenders are holding onto this money even tighter now.

https://www.nytimes.com/2020/08/04/your-money/mortgage-loans-credit-cards-coronavirus.html