Unemployment claims for many have been held up due to outdated technology, stricter state rules about who can claim unemployment and confusion about who can apply for what. The Federal Reserve Bank announced it was far from done supporting the post-coronavirus pandemic recovery, and some economists are talking about 2022 as a recovery target. The stock market pushes ahead, waiting for all that cash from the Federal Reserve to filter into the far corners, down into consumers’ pockets.
Mortgage interest rates have been near historic lows in the past few weeks, even as some mortgage lenders indicated they would tighten credit and financial resource requirements for approving loans. If you’re thinking about refinancing, think about this: Rather than lose good customers, some lenders are offering the opportunity to simply lower the interest rate on existing loans, without paying additional fees. Ask your lender if this is an option before you start shopping around.
The number of listings available is down significantly from a year ago, but buyers are still making offers on existing homes and new construction. While that is nowhere near a normal spring market, at least it’s a hopeful sign.
Ilyce Glink is the author of “100 Questions Every First-Time Home Buyer Should Ask” (Fourth Edition). She is also the CEO of Best Money Moves, an app that employers provide to employees to measure and dial down financial stress. Samuel J. Tamkin is a Chicago-based real estate attorney. Contact Ilyce and Sam through her website, ThinkGlink.com.