Archive for May, 2018
Banks Loosen Standards on Commercial Loans
May 30th, 2018 @ 7:07 PM by Amber NelsonLarge banks are making sweeter deals on their commercial business loans as they compete with one another to bring back loan growth, according to a report from the regulatory Office the Comptroller of the Currency (OCC). Commercial loan growth fell significantly during the Recession but had come back up to 12% by 2013. Then unexpectedly and […]
more »- Posted in Business Borrowing, Commercial Loans
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Refinance Applications Plummet to 17-Year Low
May 24th, 2018 @ 6:54 PM by Amber NelsonA year of steadily rising mortgage interest rates has kept many borrowers from refinancing, according to the Mortgage Bankers Association (MBA), with applications for refinance loans falling to the lowest in over 17 years. During its latest weekly survey, the MBA’ Market Composite Index, a measure of total refinance and home purchase application volume, declined […]
more »Mortgage Rates Top 7-Year High
May 17th, 2018 @ 1:33 PM by Amber NelsonIt looks like rising interest rates are in the forecast for the foreseeable future. Interest rates on long-term U.S. mortgages pushed up to their highest level in 7 years this week, according to data from mortgage finance company Freddie Mac, following a major bond sell-off and speculation that the Federal Reserve might raise its own […]
more »Average Credit Card Debt Tops 6-Year High
May 10th, 2018 @ 9:01 PM by Amber NelsonAmericans are using their credit cards and spending more today than they have in years, according to data from consumer credit reporting agency TransUnion, and credit card delinquencies are at 6-year high. Total active U.S. credit cards accounts rose to 416.5 million, up 2.6% in the first quarter of 2018 from a year earlier. The […]
more »- Posted in Credit Card Debt, Other Loans
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Truck Popularity Pushes Average Loan Terms to New Highs
May 2nd, 2018 @ 8:25 PM by Amber NelsonU.S. consumers love their trucks and SUVs – and lenders are having to get creative again with financing in order to satisfy demand. According to consumer credit company Experian, the average loan term for truck and SUV purchases has grown to record levels. The Ram truck brand, owned by Fiat Chrysler Automobile NV, had the […]
more »- Posted in Auto Loans, Used Car Loans
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