Smart Borrower Blog

Archive for January, 2020

Car Loan Interest Rates Fall to 22-Month Low

The average interest rate on a U.S. car loans fell to its lowest point since February 2018 in December, according to automotive data-tracking company Edmunds. At the same time, prices on new vehicles have reached near-record highs. The annual percentage rate (APR) for a new-vehicle loan slipped to 5.4% in December, down from 5.5% in […]

Housing Affordability Near 30 Year Highs

Although rising home prices have led many to believe that buying a home is more expensive today, low mortgage interest rates and rising incomes have actually made homes more affordable now than almost any time in the past three decades, according to the National Association of Realtors. The NAR’s Housing Affordability Index rose to 163.5 […]

Credit Card Delinquencies Dip in 3rd Quarter

American consumers did better at paying off their credit card debts in the 2019 third quarter, according to the American Bankers Association, but delinquencies rose on other loan categories like car loans and home equity loans. Delinquent credit card accounts made up just 2.96% in the third quarter, down from 2.98% and still well below […]

Average Credit Score up 2% From 2018

Americans improved their credit scores in 2019, according to a new report from credit reporting agency Experian, a sign that consumers are handling their debt obligations better. Experian’s annual State of Credit report found that the average U.S. credit score increased 2 points to 682. And even as Americans take on slightly more debt, delinquency […]

Cash-Out Refinances Grew 28% Since 2018

With home prices continuing to climb in the face of limited inventory, American homeowners have trillions of dollars in equity and they are taking advantage of it. According to real estate data firm Black Knight, cash-out refinance loans made up 52% of all refinance activity in the 2019 third quarter, up from just 24% a […]