During the first week of April, 2020, 6.6 million unemployment claims were filed amidst the COVID-19 pandemic. The week prior, the Department of Labor reported 7.455 million claims - an all-time record high, surpassing the previous 6.635 million filed in May of 2009.1
As COVID-19 continues to spread throughout the globe, individuals are adjusting to new lifestyles in an effort to curb the spread. While there are many factors of this pandemic we cannot control, practicing social distancing and creating new routines to remain physically and psychologically healthy are just a few of the actions we can take.
With coronavirus fears growing, millions of homeowners have been receiving surprisingly good news as mortgage rates continue to hit new record lows.
As of April 2, 2020, the national average rate for a 30-year mortgage has fallen to 3.33 percent, with an average of 0.7 points paid, according to data from Freddie Mac.1 Mortgage rates have plunged back to the lowest levels in decades, yet overall mortgage applications were down 17.9% in the week ending April 3, 2020 according to the Mortgage Bankers Association.
On March 27, 2020, President Donald Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act. Amidst the global COVID-19 pandemic, this act is designed to bring economic relief to individuals and businesses who’ve been affected by the resulting economic downturn.
Section 2202 of the act, titled “Special Rules For Use of Retirement Funds,” now allows those affected by COVID-19 to withdraw up to $100,000 penalty-free from their 401(k) or IRA.1