Borrowing costs have trended lower for some U.S. consumers in recent months, especially home buyers. Average interest on a 30-year, fixed mortgage was 4.31 percent on March 14, down 4.62 percent after the Federal Reserve’s most recent rate increase in December, Freddie Mac reports. Market participants say mortgage rates have tracked yields on 10-year U.S. Treasury notes, which dipped to 2.61 percent yesterday. Rates on auto loans also have retreated of late, with the average interest on a five-year new-car loan falling to 4.74 percent in mid-March from 4.96 percent in the wake of the December rate hike, according to Bankrate. Meanwhile, the cost of variable-rate credit card debt increased to 17.84 percent a year as of last week from 17.59 percent in late December.
Similar Posts
Mortgage Rates Rising at a Pace Not Seen in Almost 50 years
Freddie Mac said Thursday the average rate on 30-year, fixed-rate mortgages was 4.66 percent, up…
Young adults turn to personal loans for debt, wedding and moving expenses
Kyle Littleton, 26, wanted to get rid of nearly $4,500 in credit card debt. The…
Borrowing Costs Climb Along With Fed Rate Increases
Borrowing costs for consumers have risen as the Federal Reserve continues to tighten monetary policy….
Why women notoriously have more credit card debt than men
It’s no surprise that Americans love their credit cards. So much so, that outstanding credit…
Small Mortgages Are Getting Harder to Come By
Attom Data Solutions reports that small mortgages are becoming scarcer for low- and middle-income homebuyers….
Senate Looks to Fix ‘Broken’ Credit Reporting System
The Senate Committee on Banking, Housing and Urban Affairs held a hearing yesterday on the…