What the New Fed Chair Means for You

Personal Finance

What the New Fed Chair Means for You

What the New Fed Chair Means for You

The running joke about economists is that they equivocate on every question, answering always with a phrase like, “On the one hand….but on the other hand.”  So it’s only fitting that a story about the impact of Janet Yellen’s confirmation as Chairwoman of the Federal Reserve on Monday follows this time-tested formula. On the one… Read More

Auto Loan Interest Rates At All-Time Low

Auto Loans

Auto Loan Interest Rates At All-Time Low

Auto Loan Interest Rates At All-Time Low

Interest rates for new-car loans were at a record low last quarter, according to Experian Automotive. The rates fell to 4.27%, the lowest rate seen since Experian first started publicly reporting the data in 2008. Not only did interest rates go down in the third quarter, the average credit score of a new-car loan borrower… Read More

72% of Bankers Say Interest Rates Will Rise

Personal Finance

72% of Bankers Say Interest Rates Will Rise

72% of Bankers Say Interest Rates Will Rise

Experts expect consumer demand for credit to continue growing during the next six months, driven mostly by those in the 30- to 39-year-old age group. The quarterly survey of bank risk professionals conducted for FICO by the Professional Risk Managers’ International Association (PRMIA) also showed expectations for increased interest rates. The groups have conducted the… Read More

A Record Number of Americans Turn to Auto Loans

Auto Loans

A Record Number of Americans Turn to Auto Loans

A Record Number of Americans Turn to Auto Loans

A record number of consumers took out an auto loan or lease when car shopping in the second quarter of 2013. According to Experian Automotive’s analysis of second-quarter data, 84.5% of consumers used financing when getting a new car. That’s the highest that share has been since Experian started tracking the statistic in 2006. Last… Read More

Obama Signs Student Loan Bill: What It Means for Borrowers

Students

Obama Signs Student Loan Bill: What It Means for Borrowers

Obama Signs Student Loan Bill: What It Means for Borrowers

Regardless of their majors, students may want to brush up on Economics 101. That’s because President Barack Obama signed H.R. 1911: Bipartisan Student Loan Certainty Act of 2013 — the student loan bill — into law this afternoon. It ties government-backed student-loan interest rates to the 10-year Treasury note, meaning the country’s economic health impacts… Read More

Will Mortgage Interest Rates Dip Again?

Mortgages

Will Mortgage Interest Rates Dip Again?

Will Mortgage Interest Rates Dip Again?

Though average mortgage interest rates fell ever so slightly last week, according to the Primary Mortgage Market Survey from Freddie Mac, many real estate experts see this as more of a stabilization after a sudden spike, than an indicator of future trends. Last week’s rates for a 30-year fixed rate mortgage averaged at around 4.37… Read More

Higher Mortgage Rates Haven’t Deterred Buyers

Mortgages

Higher Mortgage Rates Haven’t Deterred Buyers

Higher Mortgage Rates Haven’t Deterred Buyers

In the past few weeks the cost of obtaining a new mortgage has climbed as a result of higher mortgage rates. And while consumers are expressing worries over this new trend, those fears have not yet translated to the market itself. At the end of June, 13 percent of consumers said that if mortgage interest… Read More

What Will Waiting to Buy a Home Cost You?

Mortgages

What Will Waiting to Buy a Home Cost You?

What Will Waiting to Buy a Home Cost You?

At the end of June, mortgage rates for a 30-year fixed-rate mortgage jumped to 4.5 percent, up from 3.9 percent on June 1 — and a notable jump from the historically low 3.35 percent monthly average rate toward the end of 2012. However, while higher rates do mean an increase in monthly mortgage payments, experts… Read More

It’s Official: Student Loan Rates Will Double Monday

Students

It’s Official: Student Loan Rates Will Double Monday

It’s Official: Student Loan Rates Will Double Monday

More than 7 million students will see interest rates on their student loans double from 3.4 to 6.8 percent on Monday, after the failure of Congress to pass legislation to prevent the automatic rate hike that they successfully deferred for a year last summer. Despite the introduction of several bills to serve as a solution,… Read More

Is the Senate’s Student Loan Plan Fundamentally Flawed?

Students

Is the Senate’s Student Loan Plan Fundamentally Flawed?

Is the Senate’s Student Loan Plan Fundamentally Flawed?

Mark Twain had it right when he said, “No man’s life, liberty, or property are safe while the legislature is in session.” The latest wretched manifestation of this truth is courtesy of Sens. Richard Burr (R-N.C.), Tom Coburn (R-Okla.), Angus King (I-Maine) and Joe Manchin (D-W.Va.). Their bipartisan proposal would index student loan rates to… Read More

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