One in 20 Homeowners Have Missed a Mortgage Payment Due to COVID-19

buying a home in Canada

New data is suggesting that as many as 5% of homeowners are having to defer their mortgage payments because of the coronavirus pandemic. Of those, most say that they’re going to have to defer more payments before the pandemic ends. Unfortunately, half of everyone who’s applied for mortgage assistance has been denied, leaving them worried about how to pay. Renters are also having to skip paying rent. Because of this, mortgage rates are plunging rapidly, along with consumer confidence.

Key Takeaways:

  • The coronavirus is causing some homeowners to stop paying their mortgages.
  • Unfortunately, almost half of homeowners who applied have been refused any mortgage assistance.
  • Both mortgage rates and consumer confidence are falling in the wake of coronavirus.

“As many as one in 20 homeowners (6%) said they missed their mortgage payment recently due in part or in full to the ongoing pandemic, with another 5% declining to answer. That’s according to new data from Forum Research.”

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