Due to the COVID-19 pandemic the current housing market is being affected. This is partially due to the CARES Act. The CARES Act may have been the best option at the time the country is now seeing the effects from the debt that lenders now carry.
The good news is that the interest rates continue to fall. The bad news is that many people are not able to get a mortgage. This is due to the rocky economy. Borrowers are at a greater risk of loosing their jobs. Which means they wouldn’t be able to pay their loans. Lenders are now using more caution because of this.
The CARES Act is also influencing the mortgages available today. People who are hit with financial hardship can postpone their mortgage payments for up to a year. The problem with this is that many lenders now have to make up for that. They are putting more restrictions on their requirements for a mortgage.
~Original article posted on RISMedia