Smart Borrower Blog

Archive for the ‘Mortgages’ Category

U.S. Auto Loan Industry Data Continues to Raise Red Flags

Feb 22nd, 2017 @ 10:11 PM by Amber Nelson

Even as U.S. sales of cars and trucks has risen to new heights in the past year, delinquencies on auto loans are also making records and the number of loans made to subprime consumers has jumped dramatically in recent years. At the end of 2016, Americans held almost $1.2 trillion in car loan debt, a […]

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Mortgage Credit Availability Increases in January

Feb 8th, 2017 @ 9:21 PM by Amber Nelson

Mortgage lenders loosened their underwriting standards slightly in January, according to new data from the Mortgage Bankers Association, making it easier for homebuyers to realize their housing dreams. “Mortgage credit availability increased for the fifth consecutive month in January, driven by increased availability of jumbo loan programs,” said Lynn Fisher, MBA’s Vice President of Research […]

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Mortgage Applications Jump in Latest Week

Jan 25th, 2017 @ 9:02 PM by Amber Nelson

Even as mortgage interest rates rose, the volume of mortgage applications jumped to their highest level since June 2016, according to data from the Mortgage Bankers Association. The MBA Market Composite Index, a measure of total mortgage loan application volume, climbed 4.0 percent from the previous week. Most of the increase was attributable to a […]

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Credit Card, Auto Debt Delinquencies Rise in 3rd Quarter

Jan 11th, 2017 @ 9:22 PM by Amber Nelson

While still at historically low levels, U.S. consumer debt delinquency rates rose in the third quarter of last year, according to data from the American Bankers Association. The increases were led by jumps in auto loans and bank card loans delinquencies. The ABA Consumer Credit Delinquency Bulletin found that a composite ratio of delinquencies (late payments […]

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Mortgage Rates Rise to Almost 3-Year High

Jan 4th, 2017 @ 10:46 PM by Amber Nelson

Long-term fixed-rate mortgage interest rates rose to their highest level in nearly three years, according to mortgage finance giant Freddie Mac, as the markets continue to react to the Federal Reserve’s rates increases and the anticipation of the Trump presidency. During the week ended December 29, 2016, the average rate on a 30-year fixed-rate mortgage increased […]

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Federal Reserve Raises Rate, Predicts More 2017 Increases

Dec 14th, 2016 @ 9:04 PM by Amber Nelson

The Federal Reserve raised its target federal funds rate today for only the second time in the past decade, a sign of their confidence in the U.S. economy. The Federal Open Market Committee raised its rate to the range of 0.5 percent to 0.75 percent, up from 0.25 percent to 0.5 percent. The Committee had […]

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Mortgage Rates Push Applications Down Again

Dec 7th, 2016 @ 1:14 PM by Amber Nelson

As mortgage interest rates continue to climb, applications for home loans fell again in the latest week, pushed lower by a drop in refinancing, according to the Mortgage Bankers Association. The MBA’s Market Composite Index declined 0.7 percent in the week ended Dec. 2. The Refinance Index fell 1 percent from the week before, a […]

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Subprime Auto Delinquencies Reach 6-Year High

Nov 30th, 2016 @ 1:32 PM by Amber Nelson

Even as delinquencies on other types of loans continue to fall, auto loans among those with poor credit are falling behind at an alarming rate. The number of delinquent subprime auto loans rose to its highest level since 2010 in the third quarter, according to the New York Federal Reserve. “This quarter, mortgage balance growth […]

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Mortgage Rates Top 4 Percent for First Time in 2016

Nov 28th, 2016 @ 2:13 PM by Amber Nelson

Long-term mortgage interest rates rose last week to their highest level for the entire year, according to data from mortgage giant Freddie Mac, a continued sign of that the market expects a Trump presidency to bring stronger economic gains. The average rate on a 30-year fixed rate mortgage jumped to 4.03 percent with an average […]

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Banks Losing Ground to Non-Bank Lenders in the Mortgage Market

Nov 2nd, 2016 @ 8:09 PM by Amber Nelson

While traditional banks have long been the major players in making mortgage loans to Americans, during the third quarter non-bank lenders originated more than half of all mortgage loans for the first time in 30 years, according to Inside Mortgage Finance. During the third quarter of 2016, among the top 50 mortgage lenders, non-banks – […]

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