Mortgage rates have continued to set record lows and experts expect that trend to continue into August.
Unfortunately, the low rates are a result of a stalled economy thanks to the pandemic.
While some homeowners and buyers have benefited from the lower rates, others, including renters have struggled.
Mortgage relief plans have helped many unemployed homeowners stay in their homes longer during the crisis, but catching up on missed payments on the back end may be extremely difficult.
Renters could be the hardest hit.
“According to the U.S. Census Bureau’s Household Pulse Survey, 18% of renters, or 13.3 million households, didn’t pay their full rent in June. And in mid-July, one-third of renters surveyed, representing 23.8 million households, told the bureau that they had no confidence or slight confidence that they would make their next rent payment.”