National Mortgage Outlook: A Look At What’s Causing Mortgage Rates to Decline

For the last few years, Americans have enjoyed a relatively strong economy. Even though GDP growth has struggled to surpass 3%, wages and consumer spending have been on the rise. Currently, the average mortgage balance sits at $137,000, and mortgage rates are falling.

According to BankRate, as of Monday, February 25, the average rate for a 30-year, fixed-rate mortgage decreased Monday; the average rate on 5/1 adjustable-rate mortgages dipped, too. However, the average rate on 15-year fixed mortgages did increase slightly. The current average rate for 3-year fixed mortgages is 4.34%, which represents a decline of five points over the last seven days. As of January, 25, the rate was much higher — approximately 4.53%.

As the rate sits now, borrowers would have to pay $497.22 per month in principal and interest for every $100,000 that is borrowed. That is a decline of $2.95 from seven days ago. If you are unsure of how to find specific costs for your loans or payments, mortgage calculators are great for determining financial information and mortgage rates.

Here are some finical data points that are driving today’s mortgage rates:

    • Yield on 10-year treasuries – The yield on 10-year treasuries increased to 2.67%, up from 2.66% on Friday. This uptick is bad for mortgage borrowers because the rates tend to follow treasuries.
    • CNN Money’s projections – CNN Money’s Fear and Greed Index experienced significant uptick at the end of February. On a scale of 0 to 100, the Fear and Greed Index sat at 55. By Monday, it jumped up to 72. This increase is bad for borrowers because “greedy” investors push bond prices down and “fearful” investors do the opposite.

Whether or not the rates for mortgages are increasing, decreasing, or remaining stagnant, it’s recommended to do plenty of research and weigh potential options whenever you’re searching for a home or trying to acquire a loan.

“Potential buyers should never forget that they can often save money by shopping around before settling on a loan,” said Tendayi Kapfidze, Chief Economist at LendingTree. “Those who shopped around and were offered a choice between five different loans saw an average spread of 0.53%. These differences could translate to savings of thousands of dollars over the lifetime of a loan.”

If you want to learn more about mortgage calculators and banking loans, contact our professionals right away.

05 Mar 2019

Data Center Distaster: Wells Fargo Mobile Users Lose Contact After Fire In Data Center

Wells Fargo has certainly experienced its fair share of heat in the past few years, but this current event involves a different kind of heat. An actual, real fire broke out in the banking giant’s data center in Minnesota, briefly disrupting online banking services. Mobile users across the country were unable to access their accounts through the mobile banking app, as well as other banking services. The bank issued a public explanation on Twitter.

“We’re experiencing system issues due to a power shutdown at one of our facilities, initiated after smoke was detected following routine maintenance. We’re working to restore services as soon as possible. We apologize for the inconvenience.”

Apparently, the incident occurred at a data center in Minnesota around 5 a.m. and was under control a short four hours later. Though the official number of people affected is unknown, we do know for sure that it was a nationwide disruption.

Fortunately, online banking services were only down temporarily for Wells Fargo — not nearly long enough for it to have posed any real risk, though it was almost definitely a frustrating experience for its mobile users.

The modernity of online banking allows people to connect all their bills, payments, and deposits in one single platform; 107 million people are able to pay for their car loans via their cell phone, greatly improving the process. If you’re unsure of your checking account balance, check your mobile app; if you’re not sure how much you owe in home loans, you can simply pull up your phone and find out. The ease and convenience of mobile banking is what makes the experience worthwhile, but it needs to be just that — easy and convenient. Had Wells Fargo’s online banking services had been knocked out of commission for a few days or more, they would’ve been battling a horde rather than a handful of grumpy Twitter users.

Fortunately, most data centers are never really at risk for such an occurrence. As Wells Fargo has proven, any problem that may arise will be handled as swiftly as possible.

23 Feb 2019

How to Protect Yourself From Online Fraud and Identity Theft

With the proliferation of online banking and online shopping, financial transactions have become more convenient than ever. They’ve also become more risky, because they expose your bank accounts and personal information to online fraud and theft, which can take many different forms. Luckily, most banks and financial institutions are aware of the problem, and can help you take steps to keep your financial information secure. In fact, online security is one of the services your bank offers, along with more familiar ones like mortgages and car loans.

Watching out for online fraud and identity theft
It seems that almost every month there’s news of a new security breach in online transactions, with hundreds of thousands of accounts being compromised. Hackers can use identity theft to steal your information online, and use your credit and debit cards to make purchases, even if the actual card is safe and secure in your wallet. There are many ways they can acces (more…)

14 Jan 2019

Find a Title Loan Place

It is a common aspect of modern adult life to deal with various debts and loans, and major life purchases and actions such as getting a home, a new car, or a recreational vehicle nearly always involves taking out a personal loan or visiting loan places or mortgage companies to finance a major life decision. Loans may be had from credit card companies, mortgage companies, or car dealerships that want to help their customers finance a new car. What are some common trends and patterns for loans and borrowing money for modern Americans, and what different types of loans are out there? For example, is it a good idea to get title loans on one’s car? This type of personal loan is an option for any car owner, but knowing what they are getting into is a safe route for any potential borrower before they get a car title loan taken out.

Trends for Debt

Including title loans and other miscellaneous types of loans and debt, the total American debt among consumers is massive, and severa (more…)

20 Dec 2018

5 Essential Bank Loan Management Software Solutions

If your bank is looking for a loan servicing and credit management software, bank loan software solutions can help. A good loan and debt collection management system should allow financial institutions to run at a profit with minimal risks. It should also facilitate loan processing while adding the value of lending.

Banks and other financial institutions generate most of their revenue through issuing and processing of loans. That is why it’s essential to have some of the core loan processing solution optimized and ensure the loan process is a breeze. Here are examples of bank loan software solutions.

Loan tracking systems
Loan tracking systems increase the efficiency and profitability of your bank’s loan procedures by eliminating the bottleneck loan servicing process. When using bank loan software such as auto loan software, banks can review and respond to loan applicants swiftly. Although some banks still (more…)

18 Dec 2018

If Your Business Is Responsible For Debt Management, This Is What Your System Should Have

If your business is responsible for auto loans, having system and services technologies auto loan software is crucial. Being able to effectively utilize a debt collection system can not only make business run smoothly, but can make it easier to track client accounts and payments.

What System and Services Technologies Auto Loan Software Should Include

  • Loan and Debt Collection Management This feature will allow you to manage the originations of loans, underwriting, servicing, collection solutions, and contract procurement. This allows for better record keeping, with a lower chance of confusion or lost information. All of these figures should be easily accessible to ensure that nothing ends up going under the radar, which could lead to a loss in potential profits. All of this may also come with automation, which means you can focus on expanding your business, without spending too much time juggling systems.
  • Billing and Rec (more…)

17 Dec 2018

Choosing the Right Company for International Tax Services

Running or managing a business often involves having to deal with other companies and business partners overseas. With so many companies vying for supremacy in competitive markets, it is often a good strategy to form business relationships overseas where certain things can be accomplished with greater efficiency or lesser cost. These are things that most businesses in the country are now exploring in order to become more competitive and productive. If you find yourself in the same position, it can be a good idea to check out services providers in your area providing relevant service packages like international tax services and business advisory services.

With competition rising across many industries and many more businesses vying for top spots in different markets, the allure of doing business with partners overseas, especially in countries like China, has become more and more common. The presence of factors like cheaper labor and electricity can make overseas deals extremely luc (more…)

10 Dec 2018

Taking A Closer Look At Common Loans In The United States

From business checking accounts to personal checking accounts, banks today offer many options for banking easily and painlessly – more so than ever before in the past. And no matter what kind of banking account you have, from the business checking account to the personal one, online banking has become more of an option than ever before. And online banking opens up so many doors.

With online banking, the opportunity to pay bills online becomes present, allowing you to stay as up to date on your bills as is possible. In addition to this, a mobile banking app will open doors even further, allowing you to make a mobile deposit and get a hold of your money quickly and painlessly. And once your money hits your account, you can use it for just about anything that you choose, something that will be hugely beneficial for the vast majority of people, as many of us here in the Uni (more…)

05 Dec 2018

Getting a Mortgage

A person’s life will involve a number of life-changing milestones, and one of them is buying a home or estate. This is not only an enormous personal change, but it is also a serious financial investment and responsibility, so any new buyer, especially younger, newer homeowners, are strongly urged to understand how and why to finance a brand new home. Mortgage lenders are available to help, but any buyer should know what he or she is getting into in order to get the most out of current mortgage rates and do good business with mortgage companies. What will mortgage lenders offer for buyers, and what do they expect in return? What are the most current mortgage rates? Current mortgage rates may change all the time and may vary among mortgage lenders, but there are general strategies that any borrow can try out.

Home Buyers Today

Doing business with mortgage lenders first means getting a grasp of the current business of home purchases and financing. The growing cost of living (more…)

01 Dec 2018

Check out Mortgage Companies Before You Purchase Your New Home

Purchasing a home can be one of the very few extremely important decisions you might have to make in life. For many people, this is one of those important moments that can have a remarkable impact on the quality and direction of life going forward. Buying a home entails having to make a very substantial investment and there can be a lot of things you need to keep in mind while planning this. Your finances need to be at a particular state and you need to plan forward towards replenishing the funds you would have to spend. In many cases, it can come down to astute financial decision-making and this is where thinking of a mortgage can come in handy.

Mortgages are instruments of debt which are primarily used for real estate deals. The system works in the form of providing property as a collateral for a financial institution, which can then provide you with an up-front loan. The ownership of the property can get transferred to you when you finish paying for the loan over time with mont (more…)

25 Nov 2018