Smart Borrower Blog

Archive for the ‘Mortgages’ Category

Mortgage Applications Jump As Borrowers Anticipate Higher Rates

Jan 17th, 2018 @ 8:57 PM by Amber Nelson

U.S. mortgage borrowers came out in force in the latest week, according to a new report from the Mortgage Bankers Association , a likely indication that consumers see the writing on the wall when it comes to historically low interest rates. The MBA’s Market Composite Index, a measure of total home loan application volume, jumped […]

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Mortgage Interest Rates Hit 5-Month High

Dec 29th, 2017 @ 6:51 AM by Amber Nelson

The Trump tax bill and a rate hike from the Federal Reserve pushed long-term U.S. mortgage rates to their highest level since July, according to Freddie Mac, a sign that the economy is moving at a steady clip. “As we expected, mortgage rates felt the effect of last week’s surge in long-term interest rates in […]

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Mortgage Rates Sink as Investors Wait for Market Action

Dec 6th, 2017 @ 3:00 PM by Amber Nelson

Long-term mortgage interest rates fell in the latest week, according to a survey from NerdWallet, a sign that investors are unsure about the direction of the economy. The average rate on 30-year fixed-rate mortgage fell to an APR of 4.03% during the week ended December 6, 2017, down from 4.09% the week before. That is […]

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Consumer Credit Debt Grows at Fastest Pace in 12 Months

Nov 8th, 2017 @ 6:40 PM by Amber Nelson

U.S. consumer borrowing jumped up in September, according to data from the Federal Reserve, fueled by a surge in auto sales and student loans. Total consumer credit debt rose $20.8 billion in September, or at a 6.6% annualized rate to $3.79 trillion in all. That is the fastest pace since November 2016. September’s growth exceeded […]

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Mortgage Activity Drops to 9-Month Low

Nov 1st, 2017 @ 10:52 AM by Amber Nelson

As long-term U.S. mortgage interest rates moved higher, mortgage application volume fell to its lowest level since mid-February, according to data from the Mortgage Bankers Association. The MBA Market Composite Index, a measure of total mortgage loan application volume, dropped 2.6 percent in the week ended October 27, 2017, from the previous week. While home […]

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Lenders Loosen Mortgage Standards as Rates Jump

Oct 13th, 2017 @ 5:06 PM by Amber Nelson

Mortgage lenders made more home loan credit available in September, according to a new report from the Mortgage Bankers Association, although interest rates jumped up to a 10-week high during the latest week. The MBA’s Mortgage Credit Availability Index (MCAI) rose to a reading of 181.4 in September, up 0.7 percent from August. An increase […]

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Federal Reserve Leaves Rates Alone Buts Plans to Sell Off Bonds

Sep 27th, 2017 @ 12:36 PM by Amber Nelson

The U.S. central bank declined to raise its target interest rate last week, but it will start selling off its massive portfolio of bonds in October. The Federal Reserve left its federal funds rate – which affects everything from mortgage rates to car loan rates to food prices – in the range of 1 percent to […]

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Low Rates Push Mortgage Applications Higher

Sep 14th, 2017 @ 8:57 AM by Amber Nelson

Long-term mortgage rates stabilized at their year-to-date low this week, prompting U.S. borrowers to refinance their home loans again, according to recent industry reports. During the week ended September 14, 2017, the average rate on a 30-year fixed rate mortgage was unchanged from the week before, resting at 3.78 percent with an average 0.5 point, […]

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American Household Debt Reaches All-Time High

Aug 23rd, 2017 @ 1:26 PM by Amber Nelson

Americans increased their debt loads enough for a record high in the second quarter, according to a new report from the Federal Reserve Bank of New York, with credit card delinquencies rising enough to cause concern. Total U.S. household debt rose to $12.48 trillion during the months of April, May and June, an increase of […]

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Mortgage Rates Fall to 7-Week Low

Aug 18th, 2017 @ 2:00 PM by Amber Nelson

Long-term U.S. mortgage rates fell to a two-month low this week, following a week of political and economic uncertainty that pushed investors to the safety of bonds. Accoridng to mortgage giant Freddie Mac, the average 30-year fixed-rate, conventional mortgage carried a rate of 3.89 percent with 0.4 average points, during the week ended August 17, […]

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