Mortgage delinquency rates nearly doubled and total delinquencies reportedly increased by 1.6 million in April—the largest single-month jump in history
The national delinquency rate nearly doubled to 6.45% from 3.06%, which also represents a record increase
An additional 2.4 million workers filed for temporary unemployment benefits last week , with 47% of adults reporting that they or another person in their household has lost income since mid-March. The state with the highest delinquency increase was Nevada , followed closely by New Jersey , and New York , while Miami and Las Vegas topped the 100 largest metro areas.
Under the CARES Act, homeowners experiencing financial hardship due to Covid-19 can be granted forbearance on a federally backed mortgage loan."While April saw a record single-month increase in the national delinquency rate, the data shows that the vast majority of new delinquencies represent borrowers who are currently in COVID-19-related forbearance programs," saidLenders have provided relief for homeowners affected by the coronavirus pandemic.
, MBA's Senior Vice President and Chief Economist, record-low mortgages rates are sustaining the refinance wave, helping homeowners lower their mortgage payments and save money during these challenging times.
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