Hard to get good data, but repayments start up in August. 45 million people with and average of $200+ per month in payments (that’s the best data I can find and frankly, I don’t trust it a whit). Whatever, billions of dollars will be sucked out of consumer expenditures to resume debt repayment.
Also let’s say, pre-pandemic, I could afford $1000/month in mortgage payments, but with school loan repayments paused, I have an extra $200+ and can afford to pay 20% more for a house (at 3%). But oohhh, now I’m not going to have that extra $200+ a month. Can I still afford my mortgage? I am not going to re-fi at 6% am I?..assuming I have any equity yet?
Just idly wondering.