Smart Borrower Blog

Archive for the ‘Mortgages’ Category

Consumer Household Debt Tops Record High

Americans now have more debt than ever before, according to data from the Federal Reserve Bank of New York, but serious delinquency rates have remained near historic lows. Total U.S. household debt now amounts to $13.29 trillion as the of the 2018 second quarter, up 0.6% from the first quarter. This marks the 16th straight quarterly […]

Mortgage Rates Jump to 7-Week High

Long-term U.S mortgage interest rates rose to the highest level in 7 weeks, according to data from mortgage backer Freddie Mac,  Thursday, posing potential affordability issues for home buyers. During the week ended, August 2, 2018, the average rate on a 30-year fixed rate mortgage (FRM) rose to 4.60%, with an average 0.4 point, up […]

Mortgage Applications Jump as Home-buyers Seize their Opportunity

As mortgage interest rates fell and real estate inventory declines slowed, more potential home-buyers applied for home loans this week, according to the Mortgage Bankers Association (MBA). The MBA’s Weekly Mortgage Applications Survey found that home purchase mortgage requests jumped by 7% in the latest week, bring total application volume up for the first time in […]

Refinance Applications Fall to 20-year Low

Even though mortgage interest rates dropped in the latest week, home loan requests also decreased, with refinance applications dropping to one of their lowest readings in 20 years, according to the Mortgage Bankers Association. “Financial market volatility in response to continued worries about trade resulted in both lower mortgage rates and a drop in applications […]

Credit Card Interest Rates Post 18-Year High

American consumers are paying higher interest rates on their credit cards than they have in roughly 18 years, according to data from LendingTree.com, and they may pay even more before the end of the year. The average credit card rate today is 15.3%, based on information from LendingTree.com’s CompareCards.com, the highest level since 2000. Back […]

Mortgage Delinquency Rate Falls to 11-Year Low

Serious mortgage delinquencies declined to their lowest level in 11 years, according to data from CoreLogic, aided by an improving economy. The rate of serious U.S. mortgage delinquencies  – home loans that are more than 90 days past due – fell to 2.1% in March from 1.9% a year earlier. The current reading is at […]

Refinance Applications Plummet to 17-Year Low

A year of steadily rising mortgage interest rates has kept many borrowers from refinancing, according to the Mortgage Bankers Association (MBA), with applications for refinance loans falling to the lowest in over 17 years. During its latest weekly survey, the MBA’ Market Composite Index, a measure of total refinance and home purchase application volume, declined […]

Mortgage Rates Top 7-Year High

It looks like rising interest rates are in the forecast for the foreseeable future. Interest rates on long-term U.S. mortgages pushed up to their highest level in 7 years this week, according to data from mortgage finance company Freddie Mac, following a major bond sell-off and speculation that the Federal Reserve might raise its own […]

Mortgage Rates Soar to 4-Year High

Long-term U.S. mortgage interest rates jumped up to the highest level in four years last week, according to data from mortgage guarantor Freddie Mac, being spurred upward by optimistic economic comments by Federal Reserve Officials. “Treasury yields rose ahead of the release of the Fed’s Beige Book and speeches from New York Fed President William Dudley […]

4th Quarter Consumer Delinquencies Fell to Record Levels

Delinquency rates across a broad-range of loan categories decreased in the 2017 fourth quarter, according to the American Bankers Association, a sign that the growing economy is helping consumers stay on top of their debt. The ABA’s Consumer Credit Delinquency Bulletin showed that delinquencies – loans that are more than 30 days past due – in […]