Recent economic news supports competitive mortgage rates

January 29, 2011

As awful as bad economic news seems on the surface, the silver lining is that a weak economy supports competitive mortgage rates. The most recent economic news suggests that low mortgage rates will be with us for some time to come.
A summary of recent economic news that effects mortgage interest rates:

The Jan. 26, 2011 press [...]

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Debt management: Save first or pay off credit card debt?

January 27, 2011

You have credit card debt, but need to save for emergencies. It’s important to pay off credit card debt for eliminating high finance charges, but it’s also important to save so you won’t need to use credit cards for covering emergencies. Kind of like the chicken and egg question, the question of whether to pay [...]

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Mortgage rates should remain low in the coming months

January 23, 2011

The Freddie Mac Primary Mortgage Market Survey (PMMS) ending Jan. 20,2011 posted the following national averages for mortgage rates on conforming loan amounts:

30-year fixed 4.74 percent with 0.8 percent points
15-year fixed 4.05 percent with 0.8 percent points
5/1-year adjustable 3.69 percent with 0.7 percent points
1-year adjustable 3.25 percent with 0.6 percent points

Recent economic news suggests that today’s [...]

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Some credit card companies reducing fees

January 21, 2011

In a surprise move, some major credit card issuers are backing down on assessing penalty interest rates for late payments. The Wall Street Journal also reports that American Express is waiving foreign transaction fees in some cases. The credit card industry appears to be responding to increased scrutiny by legislators, consumer advocates and consumers themselves. [...]

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Mortgage refinance applications are on the rise

January 15, 2011

Now is an excellent time to refinance. According to the Mortgage Bankers’ Association (MBA), refinance activity is way up. Each week, the MBA publishes its survey on the number of home owners applying for a refinance. For the week ending Jan. 21, 2011 applications were up 4.9 percent from the previous week. Mortgage refinance applications [...]

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Paved with good intentions: Holiday spending creates credit card debt

January 14, 2011

The San Francisco Chronicle reports that although consumers planned to spend an average of $689 on holiday gifts and expenses in 2009, most exceeded their budgets by more than $100, and those using credit cards spent even more. If your buried in after holiday bills, here are some tips for whittling down your credit card [...]

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Credit card debt: Eroding your financial security?

January 7, 2011

The Federal Reserve released figures indicating that although US consumer debt has risen for two months in October and November 2010, consumer credit card debt is falling. Maybe, just maybe, we have finally figured out that conspicuous consumerism and carrying credit card debt aren’t compatible with financial security.
Credit card debt costs more than yields paid [...]

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Consumer debt: Personal bankruptcy filings reach 5 year high in 2010

January 3, 2011

ABC News is reporting that personal bankruptcy filings have hit their highest levels in five years, although consumer debt is declining. Here are some tips for avoiding bankruptcy and gaining control of your debt.
Honesty:  Being honest with yourself about how much you owe on credit cards and for other debts is the first step toward [...]

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