2024-01-18 | housing
... ccurred as rising housing costs have gotten more and more out of reach for regular workers, making it difficult for individuals with modest incomes to get mortgages and giving them no choice except to rent. Despite rising mortgage rates, the price of homes continued to rise in 2023, partly due to a shortage of available properties.Even yet, rent hasn't increased to the point where renting and ownership account for more than a third of typical income in most local markets, making them the more affordable choice for most workers. While the trend has persisted across the nation, it is still more ...
2023-06-01 17:00:00 | housing interest rates
... st decline in two months.Bay Equity, Redfin’s mortgage company, reports that many prospective buyers haven’t bowed out entirely. They’re ready to make offers and lock in mortgages when rates drop down closer to 6% and more listings hit the market.“It’s been a weird week,” said Heather Mahmood-Corley, a Redfin Premier agent in Phoenix. “Some buyers are putting in all-cash offers. Other house hunters have put their search on hold, waiting for mortgage rates to come down and more listings to come on the market, and some of the more financially savvy buyers are moving forward with mo...
2023-06-01 11:00:00 | credit unions lending
... t. Similarly, many credit union members likely sought personal loans, up 12% YoY, to consolidate higher interest debt.“Credit unions appear to be really focused on serving member needs wherever they can,” said Flynn. “While auto loan and bankcard originations were down for the whole industry in Q4 2022, among credit unions they remained relatively flat. Additionally, credit unions continue to remain a lower-rate alternative when it comes to personal loans, growing those originations by 12% at a time when other lenders saw significantly less growth.”More Consumers Making Only Minimum Pa...
2023-06-01 | housing
... e job done. This will help homeowners create prioritized maintenance plans that are within their budget to cover everything from the move-in house cleaning to tree trimming and roof maintenance. ...
2022-07-28 10:00:00 | housing
... are increasingly hiking interest rates as they fight rampant inflation. Because of this, bond yields and mortgage rates have skyrocketed, which has decreased demand for mortgages and home purchases. According to mortgage company Freddie Mac, the average interest rate for a 30-year mortgage was 5.54 percent last week, more than twice as high as the rate of 2.76 percent from one year ago. On July 27, the Mortgage Bankers' Association reported its Market Composite Index, which tracks the volume of mortgage loan applications, dropped 1.8 percent from the previous week on a seasonally adju...
2022-07-27 12:00:10 | housing
... ...
... 1 2022, with 68% of it originated to borrowers with credit scores over 760. Two percent of newly originated mortgages were originated to subprime borrowers, a sharp contrast to the 12% average seen between 2003-2007. About 24,000 individuals had a new foreclosure notation added to their credit reports during the first quarter, compared to only 9,000 individuals in the fourth quarter of 2021, reflecting the partial resumption on new foreclosures. Although the hold on foreclosures due to CARES was lifted on July 31, 2021, additional federal and state policies may continue to forestall...
2021-10-20 | housing
... st grants (no repayment required) designed to make homeownership accessible and affordable for those with a healthy financial picture. While many prospective buyers can afford monthly mortgage payments, they report high rent costs (57%) and expensive home prices (54%) are making it harder to save for the upfront costs of homeownership. That's why Bank of America's Community Homeownership Commitment® was created – to address the challenges many would-be buyers face. Already, the Community Homeownership Commitment has provided over $270 million in grants to more than 29,000 homebuyers. She...
2021-08-25 12:00:00 | economy
... ly income on average goes towards paying off debt other than mortgages. Far and away, the top source of debt after mortgages is credit cards, accounting for more than double any other source: 19% - credit card bills 8% - car loan 7% - education loans 4% - home equity / lines of credit Debt under control, or controlled by debt?With debt consuming nearly a third of monthly budgets on average, many people also say that it has negatively impacted their ability to pursue other financial milestones. Because of their debt: 29% delayed making significant purchases 18% delayed saving...
2021-06-10 08:52:09 | housing interest rates
... e so throughout the pandemic. Additionally, mortgage-lending rules for second homes tightened in April and May. Under new federal rules, second-home and investment property mortgages can make up just 7% of a lender's total pipeline. That's on top of regulations that make it difficult to get a loan for condo towers in resort areas that may be used as short-term rentals. "In addition to tighter lending rules, vacation-home buyers are starting to react to rising prices," said Redfin Chief Economist Daryl Fairweather. "Home prices have been climbing rapidly for the last several months, and i...
2021-04-27 09:18:23 | investing
... d mortgages. Among do-it-yourself investors, satisfaction scores are 103 points higher when investors use four or more products than when they use just one. Among investors seeking guidance, that customer satisfaction differential is 76 points. Besides increasing satisfaction, deepening the client relationship is more critical than ever for firms needing to generate revenue in a free-trading environment. The U.S. Self-Directed Investor Satisfaction Study, now in its 19th year, evaluates key satisfaction drivers and firm performance among both investors seeking guidance (those who don’t ...
2021-04-26 12:00:01 | demographics housing
... ems run deep and perpetuate inequality," said Manhertz. "Intentional, targeted and dedicated policy is necessary to repair this broken system." Source: Zillow...
2021-04-13 12:00:00 | economy housing
... foreclosure process): 0.3%, down from 0.4% in January 2020. Transition Rate (the share of mortgages that transitioned from current to 30 days past due): 0.7%, up from 0.6% in January 2020. For families experiencing financial distress, the year began on an encouraging note with delinquencies the lowest they’ve been since the onset of the pandemic. However, millions of homeowners remain in mortgage forbearance plans that were originally scheduled to begin expiring in March 2021. To provide additional time for owners to regain their financial footing and support during the recovery, t...
2021-02-09 14:00:00 | mortgage housing
... ge of the foreclosure process): 0.3%, down from 0.4% in November 2019. Transition Rate (the share of mortgages that transitioned from current to 30 days past due): 0.8%, down from 1% in November 2019. The unemployment rate fell from 14.8% in April to 6.7% by the end of 2020. Unfortunately, the 2020 recession has had a disparate impact on households, with those in oil and hospitality industries especially hard hit. However, the recent rebound in employment has helped some struggling homeowners begin to make payments again. “The consistent decline in serious delinquency since Augu...
2021-01-15 | economy
... to prevent year-end 2021 home sales from being higher than 2020," Duncan concluded. Source: Fannie Mae...
2021-01-06 | housing mortgages millennials
... the lowest point since Ellie Mae began tracking the data in January 2016. Millennials refinancing their mortgages to lower their monthly payments continued to increase loan volume, causing the average time to close a refinanced loan to increase by two days month-over-month, from 58 days to 60 days. Overall, average time to close for all loan types increased from 49 days in October to 52 days in November. “With interest rates reaching historic lows, millennials have refinanced to take advantage of a significant savings opportunity they will see play out over the long-term,” said Joe T...
2021-01-05 | housing demographics
... re not surfacing this time. Thanks to rock bottom rates on the most secure mortgages, extended forbearance programs, and rising home prices, there are no signs of another widening of the gap coming this year. However, through these turbulent times, continued vigilance and targeted intervention by policymakers is crucial to keep the progress going for communities of color." Home value inequality varies greatly in different states and metropolitan areas. Large metros with the smallest spread between Black-owned home values are Riverside (1% value gap), San Antonio (3%), Las Vegas (3%), and Po...
2020-12-21 | credit cards mortgages borrowing
... The application rate for credit cards fell by 10.6 percentage points (or 40%) since February 2020 to 15.7%, a new series low. The decline was broad-based across age and credit score groups. The application rate for credit card limit increases dropped by 6.6 percentage points (or 48%) since February to 7.1% in October, the lowest level since the start of the series in October 2013. The decline was broad-based across age and credit score groups. Application rates for auto loans declined by 3.2 percentage points (or 22%) since February to 11.6% in October, a new seri...
2020-12-20 | housing mortgages
... f a pandemic. Prices rose 4.9% year over year to $304,000 in April, a slowdown from 7% growth the month before. The average mortgage rate was 3.31%, a dip from 3.62% at the beginning of the year. ...
2020-11-17 09:26:29 | debt mortgages
... d leases, reached a series high in Q3. In total, non-housing balances (including credit card, auto loan, student loan, and other debts) saw a $15 billion increase. Source: New York Federal Reserve...
... $9.78 trillion. Mortgage originations, which include mortgage refinances, reached $846 billion, the highest volume seen since the refinance boom in 2013. Origination credit scores for mortgages increased notably in the second quarter of 2020....
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