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Read more on our COVID-19 Resource Guide.

Many of us are working from home for the first time across the country as we all hunker down and ride out the COVID-19 (also known as “coronavirus”) situation. It’s been interesting because every day there’s something new, and you can’t take anything for granted at the moment. Still, if everyone washes their hands and avoids large crowds for a while, everything should be fine. We just need to keep an eye on each other.

The Federal Reserve made an emergency move in order to boost the economy while people aren’t going out and spending a ton of money on the usual entertainment and vacations and all sorts of other things. We’ll get into that below, but first let’s take a look at some February economic data.

Headline News

Econoday provided summary assistance with this report.1 Let’s jump into it with the implicit acknowledgment that none of this would seem to matter to decision-makers because all that’s being talked about is COVID-19. At the same time, this stuff is somewhat important to look at because data from last month gives us a baseline against which to compare March data.

MBA Mortgage Applications

Mortgage rates were down 10 basis points to 3.47% for a 30-year fixed mortgage with 20% down. It’s important to note that there’s a difference in the timing and sample size of the two major mortgage rates reports we cover here, and there’s quite a difference in the two results, but more on that later.

Refinance applications were up 79% for the week with a 6% bump in purchase applications, which have seen in 12% year-over-year increase. Applications are up 55.4% overall.

Consumer Price Index

Inflation was up 0.1% overall on the month of February and 2.3% year-to-year. When food and energy were taken out, inflation was up 0.2% and 2.4% since last February.

There was a 0.5% increase in the price of food consumed in the home, which represents the biggest monthly increase in 6 years. Overall food prices were up 0.4%. Meanwhile, on the gasoline side, these prices were down 3.4% while energy was down 2% overall.

The price to rent was up 0.3% while the cost of owners’ equivalent rent for their home was up 0.2%. Medical care costs were up 0.1%, while there was a 0.8% drop in the price of prescription drugs. Meanwhile, health insurance costs were really driving the increase, up 1.4% and 20.7% on the year. It’ll be interesting to see the effect of COVDI-19 on medical costs.

New vehicle prices were up 0.1%, and the cost of used vehicles was up 0.1%. Meanwhile, airline fares were down 0.3%, and with as many cancellations as there are right now including a U.S. ban on travel to all of Europe, there are already signs that it’s getting rough in that industry with some workers being offered unpaid leave.

Finally, the cost of clothing was down 0.4%. Recreation prices were down 0.3%, and this will be another big thing to look at because several high-profile events are being canceled or postponed, including concerts. The three major professional sports leagues that are in season had gone on an indefinite hiatus by last Wednesday, and the NCAA canceled all of its championships for the remainder of the school year, including the cash cow that is the NCAA Division I men’s basketball tournament.

It’s gotten weird out there – just try to get your hands on some toilet paper – so people will be watching to see the economic effect of all this when it shakes out.

Jobless Claims

Initial claims for unemployment were down 4,000 last week to 211,000. The 4-week average was a very slightly, rising 1,250 to 214,000. These weekly numbers might be volatile over the next couple weeks if people start to limit going out and businesses slow down.

On the continuing claims side, these were down 11,000 to come in at 1.722 million. Meanwhile, the 4-week moving average was up 5,250 to come in at 1.728 million.

Producer Price Index

Prices on the production side were down 0.6% and have only risen 1.3% on the year as of February. This is a dramatic decrease from the 2.1% annual rate of inflation for production that we saw in January. When food and energy were taken out, inflation was down 0.3% in February with the year-to-year change going down 0.3, % up 1.4%. Finally, when trade services – sales at wholesale stores – were removed, prices were down 0.1% and have gone up 1.4% on the year.

This 0.6% overall drop represents the biggest decline in 5 years. Energy prices were already falling in February as they were down 3.6%, mostly on the back of a decline in crude oil prices. Food prices were down 1.6% last month. In the services sector, these were down 0.3% in the biggest monthly drop since September. A big portion of the blame here goes to a 0.7% downturn and trade services, which are tied to margins for wholesalers and retailers.

As with inflation on the consumer side, this will be something to really keep an eye on in March.

Consumer Sentiment

Consumer sentiment fell 4.9 points in preliminary readings for March to come in at 95.9. While this is the lowest reading since October, it still points to an economy on solid footing.

Expectations for the future were down 4.8 points to 85.3. Despite this, analysis of the report shows that consumers see the current COVID-19 situation as a temporary setback. Meanwhile, current conditions were down 2.3 points to 112.5.

Expectations for future inflation remain low at 2.3% over the next year, down 0.1%, and flat at 2.3% over the next 5 years.

Mortgage Rates

The Federal Reserve held its March meeting early, and the committee made several moves to try and support the economy as we feel our way through this COVID-19 situation. The first move, and the easiest to explain, is that it cut short-term interest rates to a range of between 0% – 0.25%, down a full point from where they had been previously. But committee participants made several other moves that they usually don’t.

Very briefly, the Fed lowered the rate on loans from its discount window by 1.5% to 0.25%. This is the Fed’s main emergency lending mechanism, and it wants to make sure that lenders don’t hesitate to use it in order to shore up liquidity and make sure that they can keep up with potential demand for borrowing from consumers during this crisis.

The other major thing that the Fed did is take the reins off reserves so that banks aren’t held to having as many funds on hand to show solvency. If you don’t have to keep cash, you can lend more of it out, which is intended to keep borrowing costs in check and maintain affordability.

Last week, the rate for a 30-year fixed mortgage ticked up slightly, but it’s important to note that no matter when the surveys are collected right now, they’re out of date by the time they go to press mostly because there are wild swings in the market as investors don’t know how to take this. This is also different from the MBA numbers in that it only looks at conventional mortgages. Whether you’re looking to purchase a home or refinance a mortgage, it’s very important to follow the guidance of a Home Loan Expert. If you’re looking for guidance, you can get started online.

The average rate on a 30-year fixed mortgage was up seven basis points to 3.36% with 0.7 points paid in fees. This is down from 4.31% last year.

Meanwhile, looking at shorter terms, the average rate on a 15-year fixed mortgage was down a couple of basis points to 2.77% with 0.7 points paid. This has fallen from 3.76% a year ago.

Finally, the 5-year treasury-indexed, hybrid adjustable rate mortgage had an average rate of 3.01% with 0.2 points paid, down 17 basis points on the week. Last year at this time, the rate was 3.84%.

Stock Market

One of the reasons for all these Federal Reserve moves is the promotion of stability. The market is a little bit all over the place at the moment when it comes to both stocks and bonds. The markets staged one of its biggest comebacks in recent memory on Friday, and yet there are signs in the futures markets that it’s going to be down quite a bit again today. It’s probably best to not look at your 401(k) right now, and just know that we’re on a bit of a roller coaster ride.

The Dow Jones Industrial Average was up 1,985 points, a staggering 9.36%, on Friday to close at 23,185.62. Still, it was down 10.36% on the week. The S&P 500 was down 8.79% on the week despite being up 230.38 points Friday to close at 2,711.02. Finally, the Nasdaq finished at 7,874.88. This was up 673.07 points on the day, but down 8.17% for the week.

The Week Ahead

Tuesday, March 17

Retail Sales (8:30 a.m. ET) – Retail sales measure total receipts from stores selling merchandise and related services to final consumers. Sales are measured by retail and food service stores. Data is collected from the Monthly Retail Trade Survey conducted by the U.S. Census Bureau.

Housing Market Index (10:00 a.m. ET) – The National Association of Home Builders (NAHB®) produces a housing market index based on a survey in which respondents from the organization are asked to rate the general economy and housing market conditions. The index is a weighted average of separate diffusion indexes, including present sales of new homes, sales of new homes expected in the next 6 months and traffic of prospective buyers in new homes.

Wednesday, March 18

MBA Mortgage Applications (7:00 a.m. ET) – The mortgage applications index measures applications to mortgage lenders. This is a leading indicator for single-family home sales and housing construction.

Housing Starts (8:30 a.m. ET) – A housing start is registered when the construction of a new residential building begins. The start of construction is defined as the beginning of excavation of the foundation for the building.

Thursday, March 19

Jobless Claims (8:30 a.m. ET) – New unemployment claims are compiled weekly to show the number of individuals filing for unemployment insurance for the first time. An increasing trend suggests a deteriorating labor market. The 4-week moving average of new claims smooths out weekly volatility.

Friday, March 20

Existing Home Sales (10:00 a.m. ET) – Existing Home Sales tallies the number of previously constructed homes, condominiums and co-ops that were sold during the month. Existing homes (also known as “home resales”) account for a larger share of the market than new homes and indicate housing market trends.

Most of the data coming out for next week will still be for February. The exceptions are mortgage applications, the housing market index and jobless claims. We’ll have it all covered in next week’s Market Update.

With everything that’s going on, market news and so much else seems secondary to spending time with our families and making sure that everyone stays healthy. If you’re looking for something else for your reading pleasure, we’ve got plenty of home, money and lifestyle content to share with you if you subscribe to our mailing list below. We’re going to be spending a lot more time with those closest to us over the next several weeks or months, so here are 10 tricks to beating cabin fever. Have a great week and stay healthy!

1 Important Legal Notice: Econoday has attempted to verify the information contained in this calendar. However, any aspect of such information may change without notice. Econoday does not provide investment advice, and does not represent or warrant that any of the information is accurate or complete at any time. Copyright 2020 Econoday, Inc. All rights reserved.

This Post Has 104 Comments

  1. I went through the Quicken Loan forbearance process in April 2020 and was accepted. However I cancelled the option before I was late on my monthly payment because I learned that inadequate payment could still result in forfeiture of my property beyond 90 days. Deferment payment if available would be less risky, don’t you think!

    In mid-April Quicken sent me a letter notifying me that I did not meet all the requirements of the program to resolve my delinquency and that they may begin or continue the foreclosure process unless my loan was current (or will be reinstated by other means).

    What delinquency??? I was and have been mortgage payment current over many years to date! Then a few sentences further into the letter Quicken stated that the workout option was approved but not accepted. Which is it??

    Is it too much to expect an accurate letter notification from your long term mortgage lender since the garbage assessment in their letter could be construed by some credit agencies as negative or derogatory? What chapped me the most is their customer service did not and has not made an effort to correct and re-forward the letter despite knowing it can be misconstrued.

    1. Thanks for reaching out! I’m sure there’s nothing to worry about, but I can see how this might be confusing. I’m going to have someone reach out and speak with you about what’s actually happening.

  2. Hello, I don’t understand why Quicken loans is not offering an option to defer mortgage payments by adding them to the end of the loan as many other lenders are doing. I just lost my job and am not sure when I will be able to find a new one. I am afraid I will lose my house.

    Per the recently passed CARES Act that should be an option for mortgagees

    The options you are currently offering are not much help at all.

    1. Hi Gerard:

      I understand that this is a stressful and confusing time. I’m going to get this to our team to have someone reach out to you regarding the options we offer. I do want to stress that we are fully compliant with the CARES Act at this time and are in constant communication with regulators, lawmakers and various others involved in policies surrounding mortgage relief related to this situation. We are offering forbearance in many instances because that is the option that has been put in place by investors and policymakers for many of the loans that we offer. Depending on the mortgage you have, deferral may be an option, but we are following the guidance of the investors in our loans and pressing for the best possible options for each and every one of our clients. We are with you and we’re here to help!

      1. You mentioned “Depending on the mortgage you have, deferral may be an option…” I would love if you could expand on this. In that situations would this be possible? I understand that it depends on Fannie Mae, Freddie Mac, FHA, and VA, etc. so I would like to know which investors are allowing deferrals.

        1. Hi Erika:

          Currently, the FHA and USDA offer a partial claim, which functions like a deferral where up to 12 payments are set aside for the end of the loan or whenever you sell or refinance. Fannie Mae and Freddie Mac have also publicly announced that you’ll be able to do for up to 12 months of principal and interest payments to the end of the long for forbearances related to COVID-19 beginning July 1. If you’re working with us, I do recommend getting started online if you need to go over your options. I hope this helps!

    2. Yes, it is absolutely ridiculous. What help is having to pay it all at the end of 3 months. Where are you going to get that money from. The CARES act was poorly written and Quicken is taking advantage of that.

      1. Hi Jessica,
        We’re doing everything we can to help our clients, and we know that this is a difficult situation for many. Those who have chosen forbearance will have a few options once their forbearance period is over. While paying a lump sum is one option, you can also choose to pay it back on a repayment plan or get a loan modification. If you’re a current Quicken Loans client, you can look into your mortgage assistance options here.

  3. The Feds just roll out the 2 months deferrals, so are you going to do it or not?

    second ur investors are already been bailout because the FEDS send ur company a letter stating that they will make the payment for all this mortgages that are back by the feds.
    So why do this company don’t give us deferrals????????????????????????

    are you going to lower the rates on the loans, if people want to do a modification after the forbearance period??????
    I have a 4.3 with ur company, by the way ur company always charge more than any other company.but with that aside, the rate as of today are about 3.33 for a 30 year loan, and they might be even lower, once people stop buying or refinancing.

    1. Hi Pito:

      Our team is constantly reviewing guidance and making sure we have the best possible options available for all of our clients who need assistance in this time of need. It’s impossible to say what the rate would be if you were to take a modification because no one can predict what rates will be when you’re ready to resume payments. This is a continuously evolving situation, but I’m going to have someone reach out to go over what our options currently are for mortgage assistance. We’re with you and we want you to know that we are committed to working for the benefit of all of our clients at this time.

  4. Just wanted to say how disappointed I am in Quicken/Rocket mortgage during the pandemic. I received on Mar 27 an email from this company threatening me with referral to the “default team”, in addition to additional late fees they are adding to my account.

    It should also be noted that I was offered a 3-month forbearance from our other mortgagor after about 10 minutes on the phone (including hold time), no paperwork, no 4506-T/bank statements/paystubs etc. (all being required by Quicken before proceeding with any type of actual assistance. Sad that a company as wealthy as Quicken has decided to behave this way during our country’s greatest time of need. These types of business practices will not be forgotten.

    1. Hi Ryan. I am sorry to hear about your experience and thank you for reaching out. I am going to get this to our client relations team so they can look into this further. Please know that we understand the gravity of this situation and that helping our clients during this time is our highest priority.

      1. This is an update to my above post. I received a phone call from Quicken regarding my post this morning (<24 hrs after posting). I was put on a forbearance plan without any further action on my behalf. I was initially upset at the email that was sent out, but I can understand that logistically, it may be difficult for a company as large as Quicken to proactively avoid this type of (likely) automated communication in an environment as fluid as the one we are currently experiencing.

        I am impressed with how Quicken reacted once they learned of what I had experienced. It was a quick response, sincere, and in the end accomplished what I needed. For that I applaud Quicken and look forward to a continued future business relationship.

        Stay healthy, and be well everyone.

        1. Hi Ryan:

          I’m very glad we were able to get you taken care of. It’s our commitment to help every client, every time, no exceptions, and no excuses. I appreciate your positive feedback because the happiness of our clients is the reason we do what we do every day. Thank you and stay healthy and safe!

        2. Yes,my wife robin petitpas called quicken loans that carries our home mortgage.she explained to them,that she’s on disabilit,and im in the trades,and I have not worked in 3 weeks because governor baker,shut down construction.so they told.my wife at the end of 3 months ,they would split the 3 months up and out payment would.now go up from $1200 to $1500.00 a month?how is this helping us?

          1. Hi William:

            I’m going to get this to our team to make sure you fully understand all of your options. Essentially, a repayment plan is only one scenario. You also have the opportunity to do a modification where your loan is re-amortized with the amount you owe after the forbearance added into the loan balance. This could help make your payment more affordable. But I’m going to have someone reach out to go over the specifics of your situation.

    2. What happens if I take the forbearance plan for three months and then my entire unpaid balance is due? How is someone supposed to come up with that amount of money when they are not working? Why can’t Quicken move that amount due to the end of the loan? Otherwise it is no help to us. In addition, why add insult to injury and continue to report late payments to the customer’s credit report. This will ruin our credit! Both of these “solutions” are great for Quicken, but will harm the customer like me!

      1. Hi Renae:

        I understand where you’re coming from. First, I want to make clear that some of the comments you may be seeing are a few days old. Because mortgage investors are adapting to an evolving situation and giving lenders guidance, some of the information in previous comments may be out of date.

        There are several concerns you have raised here. I’m going to take them in order as best I can.

        If you take a forbearance plan, your payment is paused for a period of time. During that time, if you’re able, you have the option to pay whatever you can toward your mortgage in order to lessen the amount that you have due at the end of the forbearance. Whenever the forbearance is over and you’re ready to begin repayment, you have three options:

        1. Modification: You can have the terms of your loan modified in order to make the monthly payment affordable while adding the balance of your forbearance back into the existing loan. Quicken Loans will continue to report whatever the status of your mortgage account was prior to the current situation. If you were current on your mortgage, it will continue to be reported that way. If you were one payment behind, that’s what we will report for the duration of the forbearance and modification.
        2. Repayment plan: You have the option to pay back the amount owed after the forbearance over a number of months by adding something extra to your mortgage payment until the amount is fully paid off.
        3. Lump-Sum Payment: You may also pay the whole thing off at once if you happen to have the money at the end of this. However, we understand that often that’s not possible, and you’re certainly under no obligation to handle the repayment this way.

        As to why this is the relief option offered by Quicken Loans, along with the vast majority of other mortgage lenders, we sell your loan to major mortgage investors shortly after it closes. These investors are Fannie Mae, Freddie Mac, FHA, and VA, etc. They then package your mortgage in a mortgage-backed security in order to make it available to investors on the bond market. Because they have commitments to these investors in terms of how payments are handled, we follow their policies. However, I want to stress again that during any forbearance or modification, we’ll report whatever your status was prior to this situation.

        I know there’s a lot of information there, but I hope it helps put you at ease a bit. If you would like to look into your mortgage assistance options, you can get started online. Thanks for reaching out!

        1. What exactly does “the terms” of the loan “modified” mean? Is that some type of refinancing situation?

          1. Hi Tyler:

            The easiest way to explain this is that refinancing involves paying off your current loan and getting a whole new one with different terms. Modification involves working with the lender to change the terms of your loan, but your loan isn’t being paid off. The terms are just being modified. For modifications related to COVID-19, we will continue to report whatever your status was prior to the modification. If you were current, that’s what we will report. If you think you’ll need assistance making your payment now or in the future, you can get started online. I’m also going to give you this resource on the difference between a refinance and a modification.

    3. Ryan, yes alot of consumers are watching what companies are accomodating and which ones are not. I will not use quicken or rocket in the future!

      1. Hi Sharon:

        We do understand that a lot of eyes are on us at this time. However, the way we treat our clients is the same regardless of whether the world’s watching. That means treating every client the way we would want to be treated every time, without exception and without excuses. As you can see from these comments, we were able to help Ryan, and we look forward to working with you and the rest of our clients as we confront the situation together. I’m going to get this to our team to check in with you and take you through the assistance options we have available at this time, should you need them. Thank you very much for reaching out! We take your concerns seriously in this difficult time.

  5. Thank you Quiken loans for getting me a awesome interest rate! I’m one of those that save for a rainy day and nice to know you offer help if needed. If I were not able to make next months payment do you just add 1 month longer to the loan? Any interest added to it?

    1. Hi Diane:

      I want to thank you for the kind words. They are very much appreciated and it’s why we do what we do.

      Like the vast majority of lenders across the U.S., Quicken Loans sells your mortgage to major mortgage investors like Fannie Mae, Freddie Mac, the FHA and VA shortly after you close your loan so that we can free up capital in short order to help more people with their home loans. They then package your loan into a mortgage-backed security so that it can be made available to interested bondholders. As a result, we follow the policies of the major mortgage investors when it comes to handling temporary payment pauses.

      The option that all the major mortgage investors are using to confront the COVID-19 situation is an initial 3-month forbearance, which is a temporary payment pause, serving the same essential purpose as a deferral. The difference between a forbearance and a deferral is that with a deferral, payments are added to the backend of the loan. With a forbearance, at the end of the initial 3-month timeframe, we check in with you. If necessary, your forbearance can be extended. If you’re ready to resume payments, you then have three options for taking care of back payments.

      1. Modification: When a modification is done, we work with you to change the terms of your loan to build in the back payments while still making sure your mortgage payment is affordable for you. For any forbearances and modifications issued as a result of someone being unable to work due to a virus-related business closure, the illness or taking care of someone ill with COVID-19, Quicken Loans will continue to report whatever your status was before any modifications. If your loan was current, it will continue to be reported that way.
      2. Repayment plan: The second option is to make your mortgage payment, plus an additional amount over a period of time until your back payments are made up.
      3. Lump-sum payment If you happen to have the money, the quickest way to resolve the back payments is to make a single lump-sum payment.

      The last thing that’s important to note is that you have the option of making whatever payment you’re able to during a forbearance in order to lessen the amount that you owe at the end of the forbearance. Forbearance is the option being offered at this time, although Quicken Loans continues to work with legislators and policymakers to give them insight on the position of the American homeowner so that they can craft appropriate relief policy.

      If you can make your mortgage payment, continue to do so as long as you can. If and when you can no longer make your payment, you can apply for assistance. We just want to make sure that you get the assistance in the months when you need it most. Thanks for reaching out!

  6. Has Quicken loans, or is Quicken loans going to offer payment deferral for 2 months due to the Coronavirus? not asking if you offer options . Asking if Quicken Loans is offering 2 month payment deferral???

    1. Hi Roger:

      At this time, Quicken Loans, along with all other lenders who sell their loans to the major mortgage investors (Fannie Mae, Freddie Mac, FHA, VA, etc.) has been authorized to offer our clients up to an initial 3-month forbearance. This is a payment stoppage in which no payments will be reported as late. But it works differently than a deferral. If you’re interested in finding out more about your options, you can get started online. We do recommend that clients wait until they can’t make their payment in order to apply because that way the assistance covers you for the longest time possible in case you need it.We’re working with policymakers to better inform them on the issues facing homeowners affected by this situation so that they can work toward coming up with assistance options for this or future situations. Thanks for reaching out!

  7. After reading these post, I am extremely concerned with the way people are being treated by Quicken. I understand that there are two sides to every story but what is happening in America is the other story. I have never been out of work since I was 14 years old. However, today I find myself waking up without a job. The good thing for me is that it is a temporary furlough but not sure how long. Quicken it’s real simple…help people out!

    1. Hi Dan:

      I can tell you that we do have options for you. We fully understand the gravity of the situation for everyone who’s been affected by this. Because of the sheer volume of people who are needing help right now, we’re asking everyone who can to get started online for the fastest review of your options. With that said, we’re absolutely here to help and we want everyone to feel secure in their homes in order to remain safe as this plays out. While these are the initial options, we continue to inform our mortgage investors what you’re all feeling so that they can work to provide appropriate relief options, along with other policymakers.

  8. I have tried to get out of the financial hole Iam in when I lost my job 3 months after buying from you I have been paying for almost 4 yrs stay behind one payment late
    For yr lost all my credit because I
    Had so many problems with property like floors ruined hole in ceiling tried to borrow in home from principle I had buildup you won’t help at all your not very helpful I only asked for a loan on home not refinance small loan but couldn’t get so now ruined credit so couldn’t do repairs so can’t sale
    For better home now I need one floor not 2 floors due to health
    You should help your clinits if your such a great helpful co you talk about. Sincerely jd 10000 is nothing to you all the finical freedom for me

    1. Hi Judy:

      I understand where you’re coming from. We do have resources for people to help them stay in their home and work toward bettering their situation. One thing you might look into at this point is a loan modification. I’m going to get this to our client relations team, but you can get started online. I wish you the best of luck!

  9. New York State has stated that it is suspending mortgage payment for 90 days. I have called twice with customer service reps telling me that Quicken is working on it and to keep checking the website. The website say nothing about this. With mortgage payments due on the 1st, Im told there’s a grace period of 15 days. There always has been one, so that’s no new development. I was also told that there would be a one time waiver of any late fee. Really, that’s so kind. How about an answer to the question? What is the procedure for the 90 day mortgage suspension???? I understand that this all evolving as we speak but you guys need to get out in front of this. I do receive a constant bombardment of emails about refinancing, which as you know is associated with an additional financial burden of fees and taxes which I am not interested in.

    1. Hi Steven:

      Some of the things that are coming up during this COVID-19 situation are outside of our normal forbearance processes, so we’re getting things built as fast as we possibly can. That said, I’m going to get this to our team and provide you with the servicing website. The reason we tell you about the grace period is that this gives you more time to be able to set up your forbearance, so you have time. With that said, helping our clients during this crisis is the highest priority. Thank you!

    2. Same here. This company doesn’t even pretend to offer relief options. “Keep paying”, “File for unemployment” they said. Total lack of empathy. I’ll be looking to switch lenders after this crisis if my finances allow. This company has shown it’s true blue colors during this time of need.

      1. Hi Phi:

        I want to thank you for reaching out. I’m going to be sending this to our client relations team to look into your experience. I’m sorry. At the same time, I want to let you know that we do have options to help offer you relief at this time. You can fill out an application online. We want nothing more than for our clients to be able to stay in their home.

        1. The applying for help online only allows you to do a forbearance. This does not help, as in 3 month, the total lump sum will be due. What would actually help your customers who have been with you for years, is a deferred payment option of 3 months, added to the end of the loan. How about this instead of referring me to a help site that only offers forbearance?

          1. Good morning, Brian:

            It’s true that the option being offered by the major mortgage investors (Fannie Mae, Freddie Mac, FHA, VA, USDA) is a forbearance. However, there’s been some confusion over what happens when that forbearance ends. Whenever your forbearance is through, you actually have three options for repayment. One of them is a repayment plan where there’s an amount added to your mortgage over a period of time until the full amount is paid off. Additionally, there’s the option to do a modification. A modification is a change in your interest rate and/or the terms of your loan to give you a more affordable payment. Lump sum is definitely an option, but it’s not the only option if you can’t afford it. You also have the option of paying whatever you can during forbearance in order to decrease the amount you have to pay when it’s over.

            If you do need assistance, we encourage you to apply online with your Rocket Mortgage Servicing account. We are asking that you don’t apply until you know you’re going to have trouble making your payment. The reason for this is that the timeline on the 3-month forbearance starts when a forbearance is granted, so we want to make sure that you get the assistance at the time it’s going to be most impactful. Thanks for reaching out!

  10. “Meanwhile, health insurance costs were really driving the increase, up 1.4% and 20.7% on the year.”

    Can you elaborate on that statement? “Really driving the increase”? “on the year”. 20% is a lot. How do you know this is accurate? I googled health insurance rates increase and had trouble finding a lot of information about it.

    1. Hi S:

      In order to get this report together in a timely manner each Monday morning, we rely on the assistance of Econoday. Among other services, they provide summaries of economic reports released by sources including various agencies of the federal government as well as industry trade groups. I’ve checked this service again, and it’s accurate based on the reported summary. I can and have checked things based on the actual reports in the past, but the website for the Bureau of Labor Statistics, which releases the Consumer Price Index in question, is down today. I would agree that 20.7% is a lot, but we do our best to fact check any and all reporting. I’ll follow up on this tonight when the website is supposed to be back up. Thank you!

      Update: The number from the official Consumer Price Index release is a 20.7% increase for the cost of health insurance between February 2019 – February 2020. I’m attaching a screenshot of the relevant portion of the release below.

      February 2020 CPI by expenditure category

  11. Be careful what you sign. They tell you one thing but it’s different when you get the signed paperwork. So not fair! There are a lot of companies that want your business honestly. Not with as all these games.

    1. Hi Diana:

      I’m going to get this to our Client Relations team. We endeavor to have clear communication at all times, so we want to look into this. We appreciate you reaching out!

  12. Just went through hell with refinancing with you guys it dropped my mortgage down about 200.00 7 months ago now I get a letter from you that it is going back up about the same so all the hell you guy’s put me through was for nothing I’m about to just let you have it I’m so tired of y’all s BS I’m to old for this. Arland Young

    1. Hi Arland:

      While there are multiple reasons your mortgage payment might change, we do want to look into your experience here as well as provide any clarification we can. Thanks for reaching out!

  13. Hello,
    I talked with several representatives from quicken loans and they immediately started my refi. I just refied 6 months ago and received paperwork in the mail. I am not very interested in refinancing but am curious about how they could save me money. When I reviewed the paperwork, I did receive the 15 year fix but my beginning principal balance jumped by ten thousand dollars and my fees are about six hundred dollars to close. They were able to remove the PMI they put on from the last refi that should not have been added. I am not interested in adding $10,000 to my principal when I would like to sell my home in 4 years. Explaining this to my loan team was ridiculous, as they did not want to hear my story. They only wanted to hear they sell and the word yes. It’s a no from me. You can do better than put more pressure on people, quicken loans! Shame on you!

    1. Hi Natalie:

      I’m sorry to hear you had a poor experience. This is not how we wish to treat our clients. I’m going to get this to our Client Relations team look into this!

  14. I have a question due to the Corona Virus my husband’s employer has minimize his work schedule from 5 days to 2 days. As for my employer My hours were cut as well! Our income will dramatically drop! Is there a way we can lower our mortgage payment if we refinance at a lower interest rate ? What can we do

    1. Hi Zulma:

      Depending on your current rate and any adjustments that could be made to your loan term by refinancing, that could potentially save you some money, yes. You can look into your options with Rocket Mortgage. If you’re a Quicken Loans client, we also have relief options available for those who have been hit by the economic effects of this virus situation. You can get started looking into your options online with your Rocket Account. Thanks for reaching out!

  15. The govenor of our state just suspended rent and mortgage payments for two months. We are senior citizens in the high risk pool due to health issues. We are in Oregon. Can we use this proclamation as well?

    1. Hi Trudy:

      We sympathize with your situation and want to make sure that you’re safe first and foremost. This is an evolving situation, but we do have options for those who have been impacted by this crisis. The easiest way to get started rightnow is online through your Rocket Account. That way, you can look into your options. You also have the ability to call us at (800) 508-0944. I do want to note that if you call in, we appreciate your patience. COVID-19 is causing unusually high call volumes at this time.

    2. I am trying to find out if I get any help with paying my mortgage for the next three months or two months I’m not sure I was told to call my mortgage company to help me pay my mortgage please contact me with the email or call me at and I name is nancy magrene

      1. Hi Nancy:

        We certainly have options available. If you have a Rocket Mortgage account, it’s easiest to get started online. Since you provided your contact information, I’m going to get this to our team as well. I would ask that if you want to wait for a call or email that you please be patient. Due to the ongoing situation, we are receiving a higher volume of communication than normal from our clients. However, we will get back to you!

  16. I’m doing a refi with u right now at 2.99% it’s almost ready to close n I asked my agent if I could get the a lower % before it closes n he gave me a talk I didn’t understand but I told him i could go elsewhere because everyone is offering good rates n he said he could go back to his boss n try to work on that. Should I wait to sign the papers until he does that

    1. Hi Marie:

      I can tell you that rates are very up and down right now, but I’m going to have someone reach out to talk to you about your options. Thanks for bringing this to our attention!

  17. I don’t understand. My son and his wife with their family of four have no income since the coronavirus closed America. My son called QUICKEN LOANS and ask what the plan for deferment is since this is making news. QUICKEN LOANS said they only work with customers who are in bankruptcy. My son will be refinancing ASAP but not with QUICKEN LOANS. Your press is great, your values and morals STINK because as it is in this day-and-age, the PRESS isn’t real.

    1. Hi Holidae,

      We are so sorry that your son’s call was not productive. It seems that he may have received incorrect information about our policy. We do have options available for individuals who have been been ill or unemployed due to the COVID-19 crisis. We are reaching out to our Client Relations Team now to see how we can work with your son during this trying time.

    1. Hi Kevin:

      We’re here to help and we do have options available for those impacted. If you feel you’ll need mortgage assistance, you can get started online with Rocket Mortgage or give us a call at (800) 508-0944.

  18. I appreciate all this information but it does not apply to me. My credit score is so bad that i can’t do anything at this time. Thank you for the info maybe someone else can benefit for it.

    1. Hi Daniel:

      Even if we can’t help you with a mortgage now, we can help you get ready for some point in the future. I’m going to suggest you check out Rocket HQ. You can get your credit score for free each week from TransUnion. Additionally, you’ll get tips on how you can improve your score based specifically on the information in your report. Finally, we have resources aimed at helping you get your personal finances and credit ready for a future home purchase. I hope this helps! Have a good night!

  19. I had refinanced my home loan with Quicken Loans on June 15, 2019 at a rate of 4.750%. I am wondering if it would be beneficial for me to get a better rate as the interest rates has fallen since. My current loan # . The balance on the loan is 264,828.52. It is a VA loan and there may be a grace period or other requirement in order to refinance. Please advise. Thank you. Jerry Koffler.

    1. Hi Jerry:

      First, thank you for your service! I’ve also removed your loan number to protect your personal information. However, I can tell you that if you did want to look into your options, you would meet the seasoning requirements to get a new VA loan at this time based on the dates you provided. If you would like to go over your options online you can do so with Rocket Mortgage or give us a call at (888) 980-6716.

  20. I have a 4.0 interest rate on a 30 yr mortgage. If it’s at 3.3% now. Wouldn’t that b a significant savings for me?

    1. Hi Rosa:

      If you were to get that rate, it would represent a significant savings. However, there are many factors that go into your personal rates including credit, amount of equity, your debt-to-income ratio, etc. to look at your personal options, you can get started with Rocket Mortgage or give a called to one of our Home Loan Experts at (888) 980-6716.

  21. Be safe pray you your families stand strong united in Gods grace and unconditional love us and the whole world our country has always prevailed in hard times stand together weigh your words and the truth and wisdom keep us informed in God I trust all tides of fear shall be removed and we will get back to the job of economic health and physical health thank you for doing a good service to us and country god bless you all!

  22. My company has closed for about 4 weeks (but not sure if this will be extended), My husband is waiting to see if his doors may close for that timeframe. What can we do about our mortgage payment as we are not sure we can make it should this should extend for several months. Is there any recourse so we don’t loose our home?

    1. Hi Lloyd:

      I think what you’re asking is whether your interest rate can be lowered. The primary way to do that at this time would be to refinance. If you’d like, you can look into your options online through Rocket Mortgage. Alternatively, feel free to give us a call at (888) 980-6716.

  23. Thanks for the update. Will you be offering and new re-fi loans based on the reduced rate put into place now?

    1. Hi Richard:

      We update our mortgage rates every day, at least once a day, in order to take into account current market conditions. If you apply now, you do have the opportunity to take advantage of the current rate environment. You can get started online with Rocket Mortgage or give us a call at (888) 980-6716.

  24. What can an independent contractor do concerning unemployment.
    The manufacturer’s we work with are closing and not shipping to our accounts, due to shutdown regulations.
    We’re paid a base plus commissions.
    p.s We like to eat like everyone else, pay mortgages, rent, ‘bills’

    1. Hi Mary,

      Independent contractors play an important role in society. I absolutely understand! We have options for all of our clients who are affected by the virus. You can get started online with Rocket Mortgage or give us a call at (800) 508-0944.

    1. Hi Teresa:

      Your comment got cut off, so I’m not sure exactly what you’re looking for, but the best way to look into options for a new home loan is either through Rocket Mortgage or by speaking with one of our Home Loan Experts at (888) 980-6716. If you have concerns over making your mortgage payment related to the virus, check out this link or give our servicing team a call at (800) 508-0944.

  25. What is Quicken Loans doing to help those who have mortgages with you already to alleviate some of the tension and financial burden?

    1. Hi Karen:

      At this time, we do have solutions available for clients who are affected by this ongoing outbreak. If you have concerns over affording your mortgage payment, you can find options online through Rocket Mortgage or give us a call at (800) 508-0944. Thanks and stay healthy and safe!

    1. Hi Stacy:

      I’m going to get this to our Client Relations team if you’ve already started the application process. Thank you!

  26. Hi I have 2 mortgages with you guys , no offense we all know everything you guys are saying. The big question is are you going to let homeowners skip a month payment then resume payments. That will help. Thank you

    1. Hi Paul:

      What I can tell you is that we do have options available for those who have been impacted by this crisis either because of illness or work stoppage. At this time, I recommend either going over your options through Rocket Mortgage or giving us a call at (888) 980-6716.

    1. Hi Brenda:

      You can certainly apply for refinancing. If you would like to look into your options online, you can do so through Rocket Mortgage. You can also give us a call at (888) 980-6716. I will say that if you call in on the phone, we are experiencing high application volume, so it may be a slightly longer wait time that normal, but we will work to find the best option for you and we appreciate your patience.

  27. Why are the closing costs so high? I’m interested in a refi but can’t stomach paying 14k in closing, why are you front loading the loans so much?

    1. Hi Brian:

      Closing costs are very dependent on your situation. I’m going to get this to our client relations team to make sure we’re looking at all of your options.

    1. Hi Paula:

      We do have options available to people who have been affected as a result of the current outbreak. I’m going to get this to our client relations team to have someone reach out.

  28. I’ve been told Federal Gov’t will issue $1,000 to all adult citizens. Does that include retired citizens? Also, can I apply for personal loan-$5,000 w/o refinancing my existing mortgage?

    1. Hi Charlie:

      We have no special insight other than what’s being reported in the media around what the federal government might or might not do as this outbreak wears on. However, I can tell you that you can get a personal loan without refinancing your mortgage. Our friends at Rocket Loans can help you with that. Thanks for reaching out!

  29. How about giving people a break? Let them skip a payment or two. You got your money from the feds , so spread it around.

    1. Hi Philip:

      We’re encouraging our clients to reach out to us, because we do have options available to help them if they are impacted by this crisis. I’m going to get you to our client relations team. Stay safe and have a good day!

  30. I just refinanced in December to a 12 year loan. What is the current interest rate? Should I refinance again to get a lower interest rate?

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