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Long-Term Mortgage Rates Hit a Seven-Year High

It Will Cost You More to Buy a Home

Long term mortgage interest rates reach seven-year high
The housing market topped a new threshold over the past week. Buoyed by a strong economy and a series of interest rate increases by the Federal Reserve, thirty-year fixed mortgage interest rates reached 4.61 percent – the highest number since May of 2011.

Rates crossed the 4 percent threshold in the week of January 11 and they have been on a relatively steady rise since then. If this pace continues, we may hit 5 percent before the year is out.

Should rising interest rates deter you from buying a home? Not necessarily, but it may cause you to re-think your definition of an affordable home.
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Card Balances Drop While Consumer Credit Growth Slows

Card Balances Drop While Consumer Credit Growth Slows

A new government report provides both good news and bad news about America’s massive consumer debt load.

The bad news: America’s total consumer debt continues to rise.

According to May’s G.19 Consumer Credit Report from the Federal Reserve, combined (revolving and nonrevolving) outstanding debt rose by $11.7 billion in March to reach $3.875 trillion – continuing a string of monthly debt increases that goes back to January 2016.

The March increase equates to a 3.6 percent annualized debt growth.
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