Smart Borrower Blog

Archive for the ‘Mortgages’ Category

Home Purchase Mortgage Demand Rebounds 54% From April

May 27th, 2020 @ 1:12 PM by Amber Nelson

U.S. homebuyers did not let the COVID-19 hold them back for long. Mortgage applications to buy a home have risen dramatically for each of the past six weeks, with a 9% increase in the past week alone, according to the Mortgage Bankers Association. Home purchase applications have now bounced back 54% since early April when […]

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Consumer Credit is Stable…For Now

May 20th, 2020 @ 3:34 PM by Amber Nelson

The number consumer credit accounts in serious delinquency was relatively unchanged in April on a yearly basis, according to a new TransUnion report, but the numbers may not represent the full situation. During April 2020, credit card delinquencies of 90 days or more rose to 1.87%, from 1.78% the year before. Serious delinquencies on mortgages […]

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Home Loan Requests Jump as Buyer Reenter Housing Market

Apr 29th, 2020 @ 11:54 AM by Amber Nelson

Even though total mortgage application volume fell, home purchase loan requests climbed 12% in the latest weeks, according to the Mortgage Bankers Association. At the same time both mortgage rates and refinance applications fell. As several states reopened from coronavirus stay-at-home orders, home buyers seemed to resurface everywhere, in what could be a indication of […]

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Refinance Applications Surge as Rates Fall Again

Apr 15th, 2020 @ 1:25 PM by Amber Nelson

Total U.S. mortgage applications rose last week, as interest rates tumbled to their lowest point on record, according to the Mortgage Bankers Association. The MBA’s mortgage application volume index rose 7.3% during the week ended April 15, 2020. That was led by a 10% weekly increase in refinance requests. Refinance volume was up 192% over […]

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Refinance Demand Jumps 79% on Rate Dive

Mar 11th, 2020 @ 11:48 AM by Amber Nelson

In the wake of the lowest long-term mortgage interest rates on record, American homeowners rushed to take advantage of home loan savings, according to the Mortgage Bankers Association. Refinance applications volume jumped an astounding 79% from last week and are up 479% compared with a year ago.  Refinances made up 76.5% of all applications, up […]

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Household Debt Hits Record High $14 Trillion

Feb 19th, 2020 @ 3:17 PM by Amber Nelson

Americans now owe a total of $14.15 trillion in household debt, according to the Federal Reserve, the highest level ever recorded. Household debt grew by $601 billion in 2019, at the fastest pace since 2007, right before the financial crisis. “Mortgage originations, including refinances, increased significantly in the final quarter of 2019, with auto loan […]

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Corona Virus Fears Fuels Mini-Refinance Boom

Feb 12th, 2020 @ 11:31 AM by Amber Nelson

Global fears about the Corona Virus have pushed mortgage interest rates lower, which in turn has inspired many homeowners to refinance, according to the Mortgage Bankers Association. Refinance applications rose 5% for the week ended February 7, 2020, and they increased an astonishing 207% compared with a year ago. During the same time, the average […]

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Student Loan Debt Continues Record High Climb

Feb 5th, 2020 @ 10:56 AM by Amber Nelson

Total U.S. student loan debt has reached a new high of $1.56 trillion this year, according to data from the U.S. Department of Education. That debt load is spread out among 44.7 million borrowers, making for an average student loan debt of $32,731. College loan debt is now the second highest consumer debt category – […]

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Housing Affordability Near 30 Year Highs

Jan 21st, 2020 @ 10:16 AM by Amber Nelson

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 […]

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Credit Card Delinquencies Dip in 3rd Quarter

Jan 15th, 2020 @ 8:44 PM by Amber Nelson

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 […]

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