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Mortgage rates are likely to set record lows in August for the third month in a row.The 30-year fixed-rate mortgage averaged 3.18% APR in July, a record low in NerdWallet’s mortgage rate survey. The average rate tumbled 15 basis points compared with June, which at the time had the record low monthly average.The recession has caused rates to fallMortgage rates fall when the economy stalls. And the economy has been sputtering for months as the COVID-19 pandemic sent millions of people to the ranks of the unemployed.The U.S. economy shrank at a 32.9% annual rate from April through June, the Commerce Department reported July 30. The slowdown happened because businesses, state and local governments, and consumers cut their spending. Consumers cut way back on clothing and footwear purchases, among other items.? MORE: How mortgage rates are determinedGood news for refinancers, hard times for othersThe COVID-19 pandemic has helped some homeowners while injuring others, and it may harm many renters as well.Among the beneficiaries are homeowners with high credit scores who haven’t suffered interruptions in income. They have met the qualifications to refinance their mortgages at record-low interest rates.Home sellers have thrived in many housing markets, as home prices have risen despite surging unemployment, an unusual combination. Home resale prices were up 3.5% in June, compared with a year before, according to the National Association of Realtors. One reason for the increase in prices: Fewer homes were for sale because of social distancing. The reduced supply of for-sale houses led to increased competition among buyers, pushing prices upward.Homeowners must catch up on missed paymentsBut the COVID-19 recession may end up harming more homeowners than it helps.In late July, 3.9 million homeowners were using mortgage relief plans that allow borrowers to miss payments or make partial payments if they have been affected by COVID-19, according to the Mortgage Bankers Association. Eventually, those homeowners will be expected to catch up on their missed payments. Some homeowners’ incomes were permanently reduced. They may find it difficult to make good on their past-due payments.Renters could be out in the coldRenters could end up suffering the most. 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.Congress, along with state and local governments, imposed limits on evictions early in the pandemic, but some of those protections have expired. On top of that, 0 extra weekly unemployment insurance payments were set to expire at the end of July, and as the clock ticked down to the August recess, Congress was still negotiating an extension.Even with tenant protections in place, about 4% of renters have received an eviction notice or have been threatened with eviction since March, according to data from the Urban Institute’s Coronavirus Tracking Survey.When eviction bans expire, tenants have few options:Apply for emergency rental assistance, if the state or city offers it and still has money.Reach a repayment agreement with the landlord. Under such an agreement, tenants pay extra each month until they catch up with the past-due rent. But a repayment plan requires the tenant to have the money and the landlord to be willing to make a deal. Neither of those is a sure thing.If it’s not swamped with similar requests, the local legal aid service might be able to step in and help negotiate a deal with the landlord.? MORE: What COVID-19 means for mortgage ratesMore from NerdWalletCompare current mortgage ratesHow much home can I afford?Buying or selling a home during the pandemicHolden Lewis is a writer at NerdWallet. Email: hlewis@nerdwallet.com. Twitter: @HoldenL.The article Mortgage Outlook: Recession Presses Down on August Rates originally appeared on NerdWallet. 4108
More than 125,000 new cases of the coronavirus were recorded in the United States on Friday as COVID-19 numbers continue to grow in the nation.According to Johns Hopkins University, there were 125,611 new cases of COVID-19 recorded across the country on Friday. That shatters the previous records that were recorded this week: 121,888 cases on Thursday and 102,000 cases on Wednesday.Johns Hopkins reported Thursday that in the U.S., 1,210 died of the virus, which is the highest death total since Sept. 15.According to the World Health Organization, 2,909 people died in the U.S. on May 2, making it the highest daily death total since the pandemic began.The first COVID-19 case recorded in the U.S. was reported 288 days ago on Jan. 21, according to Johns Hopkins University. 785
Mortgage rates have risen about half a percentage point since September. What does that mean for you if you’re buying a home now or plan to buy one soon?For starters, don’t panic.When you’re buying a home, the mortgage rate matters, but it shouldn’t monopolize your attention, says Robert Frick, corporate economist for Navy Federal Credit Union. “You shouldn’t focus on the rate and let that scare you into making a hasty decision about buying a house,” he says.How rising rates affect your monthly payment 520
MOUNT RUSHMORE NATIONAL MEMORIAL, S.D. (AP) — Speaking to a largely maskless crowd at Mount Rushmore, President Donald Trump says protesters have waged “a merciless campaign to wipe out our history” amid demonstrations against racial injustice and police brutality. The sharp rebuke in a pre-holiday address Friday to mark the nation’s independence follows weeks of nationwide protests following the killing of George Floyd by police in Minneapolis. Some demonstrators have also destroyed or damaged Confederate monuments and statues honoring those who have benefited from slavery. Trump says, “This movement is openly attacking the legacies of every person on Mount Rushmore.""The radical ideology attacking our country advances under the banner of 'social justice.' But in truth, it would demolish both justice and society," Trump said. "They want to silence us. But we will not be silenced."Trump says he will establish a “National Garden of American Heroes,” which he is describing as “a vast outdoor park that will feature the statues of the greatest Americans who ever lived.”Trump made the announcement as he opened the Fourth of July weekend with a speech and fireworks at the iconic Mount Rushmore.He led into the announcement by paying tribute to a litany of American icons, from political figures like Ulysses S. Grant and Frederick Douglass to entertainers like Elvis Presley and Frank Sinatra.The executive order released Friday by the White House says the garden will feature statues of several presidents as well as other historic notables, including Davy Crockett, Amelia Earhart, Billy Graham, Harriet Tubman and Orville and Wilbur Wright. 1664
MILWAUKEE — Christopher R. Ward has been charged with second-degree reckless homicide in the death of 14-year-old Jada Wright. Police responded to the scene late last Wednesday night at their home on the city's northwest side. According to police, Jada has cerebral palsy, and Ward was her personal care worker. Initially, the 18-year-old defendant reported to police that Jada had complications with her feeding earlier that night. He said was not involved in her death, and claimed she had a history of injuring herself.Jada's school physical therapist said she never saw Jada injure herself. She also said Jada was missing from school for a month.Ward was taken into custody after an autopsy revealed blunt force trauma to her abdomen.After further questioning, Ward admitted he had become frustrated with the girl while trying to feed her through her feeding tube. She had maneuvered her tube out of her stomach, frustrating him further. In response, he punched her in the stomach. Ward reconnected her tube and left the room. Upon returning, he saw she had vomited on herself, and did not seek additional care for her or tell first responders about his actions. 1207