BEIJING, April 10 (Xinhua) — Google search indicators show that the outbreak has sparked unprecedented “interest” in mortgage delays and refinancing. Google’s “mortgage relief” and “mortgage refinancing” searches surged in March, reaching their highest level since tracking search data began in 2004, according to a new study by NerdWallet.
“Given low interest rates and high refinancing levels, it is not surprising that people are looking for relief or refinancing. But what’s interesting is that it’s growing so dramatically. Nerdwallet data analyst Elizabeth Renter said.
Initial jobless claims hit a record high of 6.6 million in the week ended April 4, according to data released Thursday.
A record number of tenants were unable to pay their rent in April as a result of the blockade, and homeowners wanted to know how they would pay their monthly mortgage. Searches for “mortgage relief” peaked on March 20, three times the peak of searches for the term during the Great Depression in 2009.
“More and more people are in financial trouble, and they want to know what options are available or to be prepared for something worse,” Renter said. People will look at monthly spending to see where they can cut back. Housing is a big chunk, so deferred payments can relieve a lot of financial stress. “
Many homeowners already have access to mortgage credits through the Coronary Virus Assistance, Relief and Economic Security (CARES) Act.
In addition, the search for refinancing began to increase in February as mortgage rates fell. Search for “mortgage refinancing” peaked on March 16th as the outbreak began to squeeze household finances. The phrase search last hit in December 2008, but only 66% of the march search.