Household Finance includes blogs about personal income, consumer credit, household balance sheets, and mortgage interest rates.
According to Freddie Mac, the average 30-year fixed-rate mortgage decreased by 14 basis points (bps) from 7.06% in the previous month to 6.92% in June 2024. This decline comes after increases from 6.64% in January to a peak above 7.2% in May. Nonetheless, the current…
Total outstanding US debt stood at $5.05 trillion for the first quarter of 2024, increasing at an annualized rate of 1.86% (SA), according to the Federal Reserve’s G.19 Consumer Credit Report. From the first quarter of 2023 to the first quarter of 2024, the total…
According to Freddie Mac, the average 30-year fixed-rate mortgage increased by 7 basis points (bps) in May 2024, reaching 7.06%, up from 6.99% the previous month. This represents a 64 bps increase from the previous year, when it stood at 6.34%. The 15-year fixed-rate mortgage…
The Market Composite Index, a measure of mortgage loan application volume by Mortgage Bankers Association’s (MBA) weekly survey, has been hovering around 200 since October 2022 as higher mortgage rates and low resale inventory continue to hamper potential buyers. On a week-over-week change, total mortgage,…
Mortgage rates have increased on a monthly basis, according to data from Freddie Mac. As of end of April 2024, the 30-year FRM – Commitment rate, increased by 17 basis points (bps) to 6.99 percent from 6.82 percent in March. This was a 35 bps…
Per the Mortgage Bankers Association’s (MBA) survey through the week ending May 3rd, total mortgage activity increased 2.6% from the previous week, and the average 30-year fixed-rate mortgage (FRM) rate fell 11 basis points to 7.18%. The 30-year FRM has risen 17 basis points over…
The most recent data release from the Bureau of Economic Analysis (BEA) showed that personal income increased 0.5% in March, up from a 0.3% increase in the prior month. Gains in personal income are largely driven by increases in wages and salaries. As spending outpaced…
