Smart Borrower Blog

Archive for August, 2018

Auto Loan Borrowers Turn to Refinancing for Savings

Aug 29th, 2018 @ 1:54 PM by Amber Nelson

New data from credit reporting bureau TransUnion shows that millions of U.S. car loan borrowers have turned to auto refinancing over the past several years to save money, with many refinancing even just a day or two after obtaining their original loan. A recent TransUnion study reported that 1.5 million borrowers have since refinanced their […]

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Mortgage Credit Loosens But Confidence Falls

Aug 22nd, 2018 @ 2:09 PM by Amber Nelson

Rising home prices and mortgage interest rates have prompted lenders to loosen their credit standards, but those same factors have caused Americans to feel less confident that now is a good time to buy a home. The Mortgage Bankers Association’s Mortgage Credit Availability Index rose to 184.1% in July, up 1.7% from June. An increase in […]

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Consumer Household Debt Tops Record High

Aug 16th, 2018 @ 8:31 PM by Amber Nelson

Americans now have more debt than ever before, according to data from the Federal Reserve Bank of New York, but serious delinquency rates have remained near historic lows. Total U.S. household debt now amounts to $13.29 trillion as the of the 2018 second quarter, up 0.6% from the first quarter. This marks the 16th straight quarterly […]

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Small Business Lending Hits Record High

Aug 8th, 2018 @ 8:34 PM by Amber Nelson

Small businesses lending rose to an all-time record high in May, according to the Reuters/Paynet Small Business Lending Index, a welcome sign that the economy is hitting its groove. “Times are unusually good for Main Street businesses and their lenders now,” said PayNet Inc. President William Phelan. “The combination of record-high credit demand and low […]

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Mortgage Rates Jump to 7-Week High

Aug 2nd, 2018 @ 2:24 PM by Amber Nelson

Long-term U.S mortgage interest rates rose to the highest level in 7 weeks, according to data from mortgage backer Freddie Mac,  Thursday, posing potential affordability issues for home buyers. During the week ended, August 2, 2018, the average rate on a 30-year fixed rate mortgage (FRM) rose to 4.60%, with an average 0.4 point, up […]

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