How can I stop my house from going into foreclosure?
By Brian O Connell article
With millions of Americans falling behind on home mortgage payments, refinancing now may save a great deal of financial pain later. (iStock)
COVID-19 has not only been a wrecking ball on public health, but it’s also threatened the homeownership dreams of millions of Americans in 2020, with more havoc on the way in 2021.
According to the U.S. Census Bureau, approximately 5.8 million U.S. adults say they were on the way to either a home foreclosure or eviction by the end of 2020 due to the pandemic and subsequent economic slide across the U.S. Altogether, 17.8 million Americans report they are falling behind on either their rent or home mortgage payments, the Census Bureau reported.
Even in light of the 2020 presidential election, mortgage rates hold steady at all-time lows. But could rates be affected by a probable Biden administration? If so, will rates rise or fall, even amid an on-going battle with COVID? (iStock)
The coronavirus pandemic affected how we live and work. It also had a significant impact on personal finances, the housing market, and mortgage rates. The Fed cut short-term interest rates to record lows in the spring to support the economy. Since then, demand for new mortgages and refinances has surged.
In the first week of January 2020, the interest rate on a 30-year fixed-rate mortgage was 3.72%. In the third week of November 2020, interest rates on the same 30-year fixed-rate mortgage were 2.72%. One percentage point can make a sizable difference in a borrower s monthly payments and the overall cost of a mortgage loan.