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All tagged Mortgage
Interest rates have been a topic of discussion countrywide for a handful of years. The pandemic, and its aftermath, has created an unstable economy where government bodies, like the Fed, feel they must make changes to maintain balance.
While many analysts predicted rising rates, the vast majority didn’t foresee mortgage rates hitting 5% less than four months into 2022.
In October 2021, the United States hit a 30-year inflation high only to hit a 39-year inflation high the follow month. In November 2021, consumer prices reached 6.8%.
2020 was chock full of historic events that left mortgage rates at record lows for much of the year.
As the coronavirus continues to rage across the land, mortgage modifications are becoming more and more frequent.
The pandemic has presented many challenges for everyone, especially for those who find themselves struggling to pay their mortgage. Though there are programs in place to help—both from the government and lenders themselves—not everyone will qualify.
Here are your options for seeking mortgage modifications or your options if you do not qualify. Most importantly, reach out to your lender to see what options might be available to you.
Relief for mortgage payments is here. Congress recently passed the CARES Act which provides relief for individuals with federally backed mortgages.
New mortgage applications in Illinois dropped precipitously in mid-March amidst the COVID-19 pandemic and a flood of refinance applications.
On March 3rd, 2020, the Federal Reserve announced the largest cut to the interest rate since the 2008 banking crisis, pushing the interest rate between 0.00% and 0.25%. Mortgage rates, too, saw a further decrease to historic lows.
The federal and state governments are working diligently responding to concerns of foreclosure or eviction during the COVID-19 pandemic. With many states enforcing stay-at-home orders, many individuals have lost their source of income, saw partial income declines, and are being forced to work from home.
