Smart Borrower Blog

Archive for July, 2019

Fed Makes First Rate Cut in a Decade

Jul 31st, 2019 @ 9:17 PM by Amber Nelson

The Federal Reserve voted today to lower its target interest rate by 25 basis point to a range of 2% to 2.25%, the first rate cut in 11 years. The Fed’s Federal Open Market Committee (FOMC) found that “the [U.S.] labor market remains strong and that economic activity has been rising at a moderate rate,” […]

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Only Half of Borrowers Make Regular Student Loan Payments

Jul 24th, 2019 @ 9:44 PM by Amber Nelson

Only 54% of all U.S. borrowers with student loan debt make consistent monthly payments, according to a study from the JPMorgan Chase Institute, with the rest falling delinquent or making larger, less-frequent payments. Student loan debt has skyrocketed over the past 10 years, with outstanding loan balances doubling in that period. The Federal Reserve Bank […]

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Mortgage Delinquency Rate Drops to 20-year Low

Jul 10th, 2019 @ 1:14 PM by Amber Nelson

American homeowners are staying current on their mortgage loans better today than they have for the past 20 years, according to data from CoreLogic. The national delinquency rate – the percentage of home loans that are past due by 30 days or more – fell to 3.6% in April. That is down 4.3% from one […]

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Mortgage Applications Stall as Rates Increase

Jul 3rd, 2019 @ 10:23 PM by Amber Nelson

Long-term U.S. mortgage interest rates rose in the latest week, according to data from Freddie Mac, without having much effect on home loan application volume. The average rate on a 30-year fixed-rate mortgage rose to 3.75% with 0.6 point, up from 3.73% the week before. One year ago, the average rate was much higher at […]

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