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In the wake of mass layoffs as California works to stop the spread of the virus, California lawmakers are working overtime to pass legislation that would temporarily halt evictions for renters facing economic hardships. Los Angeles, Culver City and San Francisco have already put such measures in place while San Diego, Long Beach and Santa Ana are still working on it.
Gov. Gavin Newsom issued an executive order last week authorizing local govnerments to put such bans in place for both renters and homeowners. He also urged mortgage lenders to hold off on foreclsoing on residential and commercial properties to provide relief to landlords unable to collect rental income.
It is unclear if the measures in place forgive monthly rent payments or simply delay them to a later date.
Today, conforming no-point 30-year fixed mortgage rates averaging 4.5 percent and 15-year rates are near 3.875 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article