Smart Borrower Blog

Archive for August, 2016

Subprime Auto Defaults Grow by Double Digits

Aug 31st, 2016 @ 8:55 PM by Amber Nelson

American consumers with bad credit are falling behind on their car payments at an increasingly high rate, according to Fitch Ratings, a sign that the subprime market may have peaked for the foreseeable future. In July 4.59 percent of subprime auto loan borrowers (those with credit scores of 600 or lower) were 60 days or […]

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Mortgage Rates Rise, Applications Fall

Aug 24th, 2016 @ 8:46 AM by Amber Nelson

As mortgage rates continued to decline, applications for mortgage loans also fell during the latest week, according to data from the Mortgage Bankers Association. The MBA’s Market Composite Index, a measure of total mortgage application volume, dropped 2.1 percent during the week ended August 19, 2016, from the week before. Most of that decline was […]

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Credit Card Use is on the Rise, But Not among Millennials

Aug 17th, 2016 @ 8:37 PM by Amber Nelson

Americans are charging more purchases to their credit cards, according to new data from the Federal Reserve, but that trend does not include the nation’s youngest generation of spenders – Millennials. The Federal Reserve Bank of New York reported Tuesday that household debt rose $35 billion, or 0.3 percent, in the second quarter of 2016, […]

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Small Business Lending Ticked Up in June

Aug 10th, 2016 @ 9:04 PM by Amber Nelson

U.S. small businesses increased their borrowing in June compared with the month before, but fell from the year-ago level, according to new data, a sign that the economy may continue to limp along for a few quarters. The Thomson Reuters/PayNet Small Business Lending Index rose to 138.9 in June, up from 131.1 in May. On […]

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Mortgage Rates Drop But Home Loan Applications Fall

Aug 4th, 2016 @ 12:24 PM by Amber Nelson

During the past week, average rates on U.S. mortgage loans fell even as applications for home loans fell from the previous week. According to data from mortgage finance company Freddie Mac, the average rate on a 30-year fixed rate conventional mortgage declined to 3.43 percent, with an average 0.5 point, during the week ended August […]

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