Borrowing costs fell this week, with the 30-year fixed-rate mortgage setting a new record low for the third time in the last few months. The 30-year fixed-rate mortgage averaged 3.15% this week, the lowest average in Freddie Mac’s records dating back nearly 50 years.

“These unprecedented rates have certainly made an impact, as purchase demand rebounded from a 35% year-over-year decline in mid-April to an 8% increase of last week—a remarkable turnaround given the sharp contraction in economic activity,” says Sam Khater, Freddie Mac’s chief economist. “Additionally, refinance activity remains elevated, and low mortgage rates have been accompanied by a $70,000 decline in average loan size of refinance borrowers this year. This means a broader base of borrowers are taking advantage of the record-low rate environment, which will benefit the economy.”

Freddie Mac reported the following national averages with mortgage rates for the week ending May 28:

• 30-year fixed-rate mortgages: averaged 3.15%, with an average 0.8 point, falling from last week’s 3.24% average. Last year at this time, 30-year rates averaged 3.99%.
• 15-year fixed-rate mortgages: averaged 2.62%, with an average 0.7 point, falling from last week’s 2.70% average. A year ago, 15-year rates averaged 3.46%.
• 5-year hybrid adjustable-rate mortgages: averaged 3.13%, with an average 0.4 point, falling from last week’s 3.17% average. A year ago, 5-year ARMs average 3.60%.

Freddie Mac reports average commitment rates along with fees and points to reflect the total upfront cost of obtaining a mortgage.

For those financially impacted by the COVID-19 pandemic, knowing where to look for updates on information about aid programs has proven challenging. But several government agencies have stepped in with resource tools to help homeowners and renters.

The latest comes from mortgage financing giants Fannie Mae and Freddie Mac, which launched new initiatives to help homeowners and renters who have been affected by the pandemic.

Fannie Mae launched “Here to Help,” an online resource for owners and renters at knowyouroptions.com, to offer up videos, fact sheets, mortgage loan and apartment rental lookup tools, and more to help owners and renters get the information they need to navigate their options.

“We hope ‘Here to Help’ will bring some clarity, transparency, and assurance to homeowners and renters who are facing job loss, reduction in work hours, illness, or other issues related to COVID-19,” says Hugh R. Frater, Fannie Mae’s CEO.

Freddie Mac launched its own consumer education resource within its MyHome site that provides a guide on owning, renting, and where to find help. It is available in Spanish. Freddie also launched a #HelpStartsHere campaign to try to help spread the message on social media of where consumers can turn to for help.

“While we have taken unprecedented action to help millions of owners and renters struggling due to this pandemic, our efforts cannot be fully effective without widespread awareness,” said David Brickman, Freddie Mac’s CEO. “Our online tools are designed to ensure those affected are aware of their options so they can get the help they need now.”

Earlier this month, four federal agencies joined forces to launch a new mortgage and housing assistance website to protect the economic security of homeowners and renters. The website, created in partnership with the Federal Housing Finance Agency, the U.S. Department of Housing and Urban Development, and the U.S. Department of Veterans Affairs, consolidates their existing resources and new extensive CARES Act assistance offered by all of the agencies into one location. Consumers can access information from the federal government on mortgage relief and protection for renters, tips on avoiding COVID-19–related scams, and search tools for homeowners to determine whether their mortgage is federally backed.

The Consumer Financial Protection Bureau says it has received a record number of consumer complaints in March and April as consumers grew concerned over their finances at the onset of the global pandemic.

In March, CFPB says it received about 36,700 complaints from consumers about financial services providers. In April, they received 42,500 complaints. Both March and April made up the highest the agency has ever received in its history.

Complaints mostly centered on credit reporting, which jumped 29%. Complaints about title loans increased by 20%, and complaints about mortgages increased by 10%.

Many consumers expressed dissatisfaction with the wait times to get answers to questions. “Some consumers are reporting hold times of several hours,” CFPB noted in the report. “For those who are pursuing payment options, some described no methods other than phone to access potential options.”

With mortgages, forbearance rules and requirements were a hot topic of confusion. “Consumers raised concerns whether they will have to pay lump-sum payments at the completion of forbearance periods,” CFPB noted. “Many of these consumers reported that companies offering forbearance periods informed them that there would be a balloon payment equal to the entire amount placed in forbearance. Some consumers report that the 90-day forbearance period offered is insufficient and they will not be in a position to submit a lump sum payment in 90 days.”

The National Association of REALTORS® has been helping to provide brochures that real estate professionals can customize and use to help inform their clients and also help dispel myths about forbearance. One brochure—“Protect Your Investment”—is available at realtorparty.realtor and outlines what homeowners should ask lenders about their options and payback when weighing forbearance.

Homeowners trying to sell during the pandemic will likely need some patience and a degree of expectation that the process could take longer. Homes are taking about an average of 15 days more to sell—or about 27% longer—than a year ago, according to realtor.com®’s data reflecting the week ending May 16. This marks the largest increase in the number of days that homes have spent on the market since 2013.

Days on the market have been gradually increasing since the pandemic began. During the first two weeks of March, prior to the outbreak’s growth in the U.S., homes were selling four days faster than a year ago.

“Mid-May is normally the time of year when homes sell the fastest,” says Danielle Hale, realtor.com®’s chief economist. “Today’s median time on the market is more like what we usually see in late February or November.”

But stay-at-home orders and unemployment have prompted a slowdown in the market. The National Association of REALTORS® reported on Thursday that existing-home sales dropped 17.8% in April compared to March. Many economists view the sales slump as temporary, particularly given the sudden uptick in mortgage applications for home purchases.

But, while days on the market have increased, consumers shouldn’t assume it’s a buyer’s market now, housing analysts say. Home prices are staying firm. NAR reports that existing-home prices for all housing types jumped 7.4% in April compared to a year ago.

“This may be surprising to a lot of people,” Hale says.

But a tight inventory of homes for sale persists. The number of new listings dropped 39% year over year for the week ending May 2.

Hale predicts that days on the market will drop again in the late summer as more cities loosen restrictions and more potential buyers return to work.