Smart Borrower Blog

Archive for December, 2019

Mortgage Rates Hold Steady, But Likely to Fall in 2020

Dec 28th, 2019 @ 7:20 PM by Amber Nelson

Although long-term mortgage interest rates were unchanged in the latest week, experts are predicting rates to fall to record lows in 2020. The average rate on a 30-year fixed-rate mortgage slipped to 3.74% with 0.7 point in the week ended December 26, 2019, down from 3.75% the week before, according to data from Freddie Mac. […]

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Small Business Loan Approvals Top Record Highs Again

Dec 18th, 2019 @ 9:53 PM by Amber Nelson

Big and small U.S. banks approved record numbers of small business loans in November, according to data from Biz2Credit, an indication of the continued strength of the economy. Last month, big banks ($10 billion+ in assets) approved 28.1% of all small business applications, up from the previous high of 28.0% in October. The small business […]

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Average Car Loan Amounts at New Record Highs

Dec 12th, 2019 @ 1:53 PM by Amber Nelson

Americans are paying more than ever before for new and used vehicles, according to Experian PLC, a result of pricier tech features in new cars. In the third quarter, the average amount for a new-vehicle loan jumped 5% in the past year to $32,480 while the average used-car loan rose 3% to $20,466. Total U.S. […]

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Conforming Loan Limits to Jump in 2020

Dec 4th, 2019 @ 2:27 PM by Amber Nelson

To keep up with rising home prices, the Federal Housing Finance Agency has determined to raise the 2020 maximum conforming loan limits for Fannie Mae- and Freddie Mac-backed mortgages. The new single-family property conforming loan limit will increase to $510,400, up from the current $484,350. That jump is based on the 5.38% rise in U.S. […]

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