| Volume 144 Number 42 |
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The People’s Lawyer’s Tip of the Day
The CDC just extended its eviction protection order until July 31, 2021.If you already gave your landlord a CDC Declaration and your situation hasn’t changed, you don’t need to do it again to be protected until July 31. If you haven’t given your landlord a Declaration yet, find out if you're eligible and see the steps to take. Click here for more.
Mortgage rates start the week above 3%
Mortgage rates moved higher late last week, and housing industry analysts are watching to see what they do this week. Another tick higher could make home-buying even more costly.
Freddie Mac reports the rate on the 30-year fixed-rate mortgage averaged 3.02% at the end of last week, rising from 2.93%.
Current homeowners could realize big savings on their monthly mortgage payments if they can lower their present interest rate by a point or more. However, the upward movement in rates may have a bigger impact on people hoping to buy a home in a red-hot real estate market. Click here for more.
Your Money
Between ensuring a good credit score and saving for a down payment, among many other details, homeownership is something many people have to work toward for years. Add a competitive housing market with few properties for sale and plenty of eager buyers willing to raise their offer, and first-time homebuyers, in many ways, feel edged out. The National Association of Realtors reports the median price for existing homes sold in April 2021 was $341,600, a 19.1% increase year over year. To help more would-be first-time buyers enter the market, however, the federal government is looking at options for providing down payment assistance or a tax credit to help make the purchase and first year of homeownership more attainable. Click here for more.
For the Lawyers
New rights for homeowners. A new VA final rule, effective July 27, provides substantial new rights for qualified homeowners exiting a COVID-19 related forbearance program. Regular payments must resume, but forborne payments will not be due until the end of mortgage term and are interest-free. A new NCLC Digital Library article describes both this new right to defer forborne payments and options for homeowners who cannot afford their regular monthly payments that become due after exiting forbearance. Of special note, links to NCLC’s Mortgage Servicing and Loan Modifications § 12.3 for a limited time are all open to the public. Click here for more.