Smart Borrower Blog

Archive for the ‘Mortgages’ Category

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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Cash-Out Refinances Grew 28% Since 2018

Jan 1st, 2020 @ 7:16 PM by Amber Nelson

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 […]

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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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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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Refinance Application Volume Shoots Up 300% Over Last Year…Thanks to Thanksgiving

Nov 29th, 2019 @ 10:23 PM by Amber Nelson

Total refinance application volume jumped 314% this week compared to last year but was just 4% higher than the week before, according to the Mortgage Bankers Association. And although that 300%+ number sounds jaw-dropping, it really isn’t a fair comparison as the same week last year included Thanksgiving. So of course, fewer people were out […]

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