Tuesday, March 21, 2023
[email protected]
 Fintech Zoom
  • MARKETS
    • Trading
    • Stock Futures
    • Exchange Traded Fund (ETF)
    • Best Stocks To Buy Now
    • Penny Stocks
    • Forex Market
    • Bonds & Rates
    • Stock Market Guides
    • Commodities
      • Brent Crude Oil Price
      • WTI Crude Oil Price
    • Breaking Stock Market News
    • Reviews in Stock Market
    • Asian Markets
    • European Markets
    • US Markets
  • WORLD INDICES
    • DAX PERFORMANCE-INDEX
    • Russel 2000 (RUT)
    • STOXX Europe 600 (SXXP)
    • Euro Stoxx 50
    • CAC 40 Index (FCHI)
    • FTSE 100 Index
    • Nikkei 225 Index
    • HSI – Hang Seng Index
    • NSE Nifty 50 Index
    • NASDAQ Composite Index
    • Dow Jones (INDEXDJX: .DJI)
    • S&P 500 Index
    • ASX – Australian
    • Shanghai Index (SSE)
  • BUSINESS
  • CRYPTO
    • Metaverse
    • Tokens
    • Crypto Reviews
    • NFT : Non-Fungible Tokens
    • Stablecoins
    • Blockchain
    • Ethereum
    • Buy Bitcoin
    • Best Crypto
    • Bitcoin
    • Altcoins
  • MONEY
    • Insurance
    • Taxes
    • Mortgages
    • Loans
    • Personal Finances
    • Credit Cards
    • Interest Rates
  • BANKING
    • Banks Near Me
    • Payments
    • ATM Near me
    • Best Banks
    • Banks Guides
    • Transfer Money Online
    • Mobile Banking
    • Digital Bank
  • TECH
    • Social Media
    • Login
    • Error Pages
    • Is It Down?
    • Download
    • Settings
  • LUXURY
    • Luxury Food & Drink
    • Luxury Cars
    • Luxury Style
    • Luxury Motors
    • Luxury Travel
    • Luxury Tech
  • LIFESTYLE
    • Travel
    • Real Estate
    • Entertainment
    • Health
    • Cars
    • Famous People
    • Near Me
    • Life
    • Weather Tomorrow
  • ABOUT US
    • Why Fintech Zoom?
    • What is FintechZoom?
    • Advertise with Us
    • Careers in FintechZoom
    • Fintech Zoom Logo
    • FintechZoom PRO
No Result
View All Result
  • MARKETS
    • Trading
    • Stock Futures
    • Exchange Traded Fund (ETF)
    • Best Stocks To Buy Now
    • Penny Stocks
    • Forex Market
    • Bonds & Rates
    • Stock Market Guides
    • Commodities
      • Brent Crude Oil Price
      • WTI Crude Oil Price
    • Breaking Stock Market News
    • Reviews in Stock Market
    • Asian Markets
    • European Markets
    • US Markets
  • WORLD INDICES
    • DAX PERFORMANCE-INDEX
    • Russel 2000 (RUT)
    • STOXX Europe 600 (SXXP)
    • Euro Stoxx 50
    • CAC 40 Index (FCHI)
    • FTSE 100 Index
    • Nikkei 225 Index
    • HSI – Hang Seng Index
    • NSE Nifty 50 Index
    • NASDAQ Composite Index
    • Dow Jones (INDEXDJX: .DJI)
    • S&P 500 Index
    • ASX – Australian
    • Shanghai Index (SSE)
  • BUSINESS
  • CRYPTO
    • Metaverse
    • Tokens
    • Crypto Reviews
    • NFT : Non-Fungible Tokens
    • Stablecoins
    • Blockchain
    • Ethereum
    • Buy Bitcoin
    • Best Crypto
    • Bitcoin
    • Altcoins
  • MONEY
    • Insurance
    • Taxes
    • Mortgages
    • Loans
    • Personal Finances
    • Credit Cards
    • Interest Rates
  • BANKING
    • Banks Near Me
    • Payments
    • ATM Near me
    • Best Banks
    • Banks Guides
    • Transfer Money Online
    • Mobile Banking
    • Digital Bank
  • TECH
    • Social Media
    • Login
    • Error Pages
    • Is It Down?
    • Download
    • Settings
  • LUXURY
    • Luxury Food & Drink
    • Luxury Cars
    • Luxury Style
    • Luxury Motors
    • Luxury Travel
    • Luxury Tech
  • LIFESTYLE
    • Travel
    • Real Estate
    • Entertainment
    • Health
    • Cars
    • Famous People
    • Near Me
    • Life
    • Weather Tomorrow
  • ABOUT US
    • Why Fintech Zoom?
    • What is FintechZoom?
    • Advertise with Us
    • Careers in FintechZoom
    • Fintech Zoom Logo
    • FintechZoom PRO
No Result
View All Result
FintechZoom
No Result
View All Result

Today’s mortgage rate is 6.77% and U.S. household debt climbed to $16.90 trillion

Aneta Larkins by Aneta Larkins
February 16, 2023
in Interest Rates, Mortgage Rates Today, Personal Finance
0

Home » Today’s mortgage rate is 6.77% and U.S. household debt climbed to $16.90 trillion

Today’s mortgage rate is 6.77%, according to Bankrate’s national survey of large lenders [1]. If you’re looking to refinance your current loan, the national average 30-year fixed refinance rate is 6.87%, increasing 25 basis points from a week ago [1].

The 20-year fixed rate is 6.375%, and the VA and FHA 30-year fixed rates are 6.125% [2]. However, these rates are sample rates based on assumptions, and the exact rate you receive may be different [3]. It’s important to shop around and compare various mortgage offers before committing to a loan, as rates can change rapidly.

References:

[1] Compare current mortgage rates for today – Bankrate

[2] Current Mortgage Rates Today | Rocket Mortgage

[3] Compare Current Mortgage Interest Rates | Wells Fargo

U.S. household debt climbed to a record in 20 years

U.S. household debt jumped to a record $16.90 trillion from October through December last year, the largest quarterly increase in 20 years[1], according to the Federal Reserve’s quarterly household debt report[3]. This increase can be largely attributed to the interest rates hikes that the Fed has implemented in an effort to cool the economy and reduce the risk of recession[1]. Meanwhile, delinquency rates for credit cards, auto loans, and mortgages have all increased[1], indicating that some borrowers are struggling to make repayments.

RelatedPosts on FintechZoom

The Ultimate Guide to Understanding What Credit Score is Needed to Buy a House

The Benefits of Credit Counseling: How It Can Help You Get Your Finances Back on Track

What Exactly Is Bad Credit and How Does It Affect You?

How to Get Help Paying Your Bills On Time

Understanding Credit Score Ranges: What You Need to Know

Maximizing Your Retirement Savings with a Roth IRA

Americans’ collective credit card balances totaled $986 billion at the end of last year, up $61 billion from the previous quarter[3], and about 18.3 million Americans were behind on their credit card payments in 2022[3], up from 15.8 in 2019. Younger Americans are more likely to struggle with credit card debt, and delinquency rates are ticking up[3].

The increased cost of gas and groceries on Americans’ credit cards may be putting them in a difficult position, particularly when considering that younger borrowers are more likely to have student loan debt that is currently under a payment pause[3]. The threat of a recession is also a concern[3], and researchers are watching closely to see if delinquencies will rise even if the unemployment rate stays at these very low historical levels.

References:

[1] U.S. household debt jumps to $16.90 trillion – Reuters

[2] U.S. Household Debt Jumps to $16.90 Trillion – US News Money

[3] Americans are drowning in credit card debt – Fortune

Applications to refinance a home loan dropped 13%

Mortgage demand dropped last week as mortgage rates increased [1], pushing higher across the board due to market expectations that inflation will persist [2]. Applications to refinance a home loan dropped 13% for the week and were 76% lower than the same week one year ago [1], while applications to purchase a home fell 6% for the week and were 43% lower than the same week a year ago [1].

Despite this decrease in demand, real estate agents across the country are reporting a jump in buyer demand in the past few weeks, potentially signaling an early start to the historically busy spring market [1].

References:

[1] Mortgage demand drops as interest rates bounce higher – CNBC

[2] Mortgage Demand Drops as Interest Rates Bounce Higher

[3] CNBC on Twitter: “Mortgage demand drops as interest rates …

Consumer debt and rising interest rates

With consumer debt at an all-time high and interest rates on the rise, Kevin Simpson of Capital Wealth is feeling increasingly cautious.

Simpson notes that many people are taking on more debt than they can realistically pay back. He cautions that this can lead to a dangerous situation, as interest rates can quickly add up and create a spiral of debt that is difficult to escape.

Simpson recommends that individuals should be mindful of their financial situation and have a plan to pay off their debt as soon as possible. He also suggests that individuals should be aware of the risks associated with taking on large amounts of debt and avoid taking on more than they can handle.

Overall, Simpson emphasizes the importance of financial literacy and being aware of the associated risks when taking on debt. He believes that if individuals are more knowledgeable about their finances and make prudent financial decisions, they will avoid major pitfalls such as excessive debt and high interest rates.

FAQs about Consumer Debt

What is consumer debt?

Consumer debt is any type of debt that is incurred by an individual to purchase goods or services for personal use. This includes credit card debt, student loans, auto loans, medical debt, and other types of loans. Consumer debt does not include business-related debts or mortgages.

How does consumer debt affect my credit score?

Your credit score can be affected both positively and negatively by consumer debt. If you manage your debt responsibly and make timely payments, it can help improve your credit score. However, if you fall behind on payments or miss them altogether, it can have a negative impact on your credit score.

What are the risks associated with consumer debt?

The primary risk associated with consumer debt is the potential for defaulting on payments. When this happens, you may face late payment fees, higher interest rates, or even legal action taken against you. Additionally, carrying too much consumer debt can make it difficult to save money or make larger purchases in the future, such as buying a home.

How can I manage my consumer debt?

One of the best ways to manage your consumer debt is to create a budget and track your expenses. This will help you identify areas where you can cut back on spending and allocate more money towards paying down your debt. Additionally, if possible, try to pay more than the minimum payment each month to reduce your principal balance faster. Lastly, consider speaking to a financial advisor or credit counseling service if you need assistance with reducing your debt.

Aneta Larkins

Aneta Larkins

Aneta is interested by money content, including personal finances, savings accounts, loans, mortgages, credit cards and insurances. Contact: [email protected]

Related Posts

Buy a house | FintechZoom

The Ultimate Guide to Understanding What Credit Score is Needed to Buy a House

March 11, 2023
Couple trying Credit Counseling | FintechZoom

The Benefits of Credit Counseling: How It Can Help You Get Your Finances Back on Track

March 6, 2023

What Exactly Is Bad Credit and How Does It Affect You?

March 6, 2023

How to Get Help Paying Your Bills On Time

March 3, 2023

Understanding Credit Score Ranges: What You Need to Know

March 3, 2023

Maximizing Your Retirement Savings with a Roth IRA

February 27, 2023

How to Start Investing With a 401(k) Plan

February 21, 2023

Comparing Fico Score vs Credit Score: Which One is Better for Your Finances?

February 20, 2023

Getting to Know Your Credit Score: Is 700 a Good Credit Score?

February 20, 2023
Next Post
Binance on Smartphone | FintechZoom

What is Happening to Binance? Large Sums of Money were Transfered

Bitcoins ATM | FintechZoom

How to Use Bitcoins ATM Safely and Securely

2-Year Treasury Bonds | FintechZoom

Understanding 2-Year Treasury Rate Investing

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • About Us
  • Advertise
  • Careers
  • Terms and Conditions
Call us: + 1 917 9939840

© 2016-2023 FINTECH ZOOM - WORLD FINANCE

No Result
View All Result
  • MARKETS
    • Trading
    • Stock Futures
    • Exchange Traded Fund (ETF)
    • Best Stocks To Buy Now
    • Penny Stocks
    • Forex Market
    • Bonds & Rates
    • Stock Market Guides
    • Commodities
      • Brent Crude Oil Price
      • WTI Crude Oil Price
    • Breaking Stock Market News
    • Reviews in Stock Market
    • Asian Markets
    • European Markets
    • US Markets
  • WORLD INDICES
    • DAX PERFORMANCE-INDEX
    • Russel 2000 (RUT)
    • STOXX Europe 600 (SXXP)
    • Euro Stoxx 50
    • CAC 40 Index (FCHI)
    • FTSE 100 Index
    • Nikkei 225 Index
    • HSI – Hang Seng Index
    • NSE Nifty 50 Index
    • NASDAQ Composite Index
    • Dow Jones (INDEXDJX: .DJI)
    • S&P 500 Index
    • ASX – Australian
    • Shanghai Index (SSE)
  • BUSINESS
  • CRYPTO
    • Metaverse
    • Tokens
    • Crypto Reviews
    • NFT : Non-Fungible Tokens
    • Stablecoins
    • Blockchain
    • Ethereum
    • Buy Bitcoin
    • Best Crypto
    • Bitcoin
    • Altcoins
  • MONEY
    • Insurance
    • Taxes
    • Mortgages
    • Loans
    • Personal Finances
    • Credit Cards
    • Interest Rates
  • BANKING
    • Banks Near Me
    • Payments
    • ATM Near me
    • Best Banks
    • Banks Guides
    • Transfer Money Online
    • Mobile Banking
    • Digital Bank
  • TECH
    • Social Media
    • Login
    • Error Pages
    • Is It Down?
    • Download
    • Settings
  • LUXURY
    • Luxury Food & Drink
    • Luxury Cars
    • Luxury Style
    • Luxury Motors
    • Luxury Travel
    • Luxury Tech
  • LIFESTYLE
    • Travel
    • Real Estate
    • Entertainment
    • Health
    • Cars
    • Famous People
    • Near Me
    • Life
    • Weather Tomorrow
  • ABOUT US
    • Why Fintech Zoom?
    • What is FintechZoom?
    • Advertise with Us
    • Careers in FintechZoom
    • Fintech Zoom Logo
    • FintechZoom PRO

© 2016-2023 FINTECH ZOOM - WORLD FINANCE