Given the extremes of the current situation, from the pandemic to economic uncertainty, it’s not surprising that the real estate market is mirroring those extremes as both refinancing and delinquencies both on the rise.
With 30-year fixed rates below 3 percent, mortgage originations hit a record $1.1 trillion in the second quarter.
At the same time, nearly 2.25 million mortages were at least 90 days late in July, an increase of 450 percent from the pre-pandemic days. While the number of homeowners in forbearance declined, many analysts see the July 31 end to extra unemployment benefits as a real test to how things actually stand.
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