RE/MAX 440
John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

My Blog

Growing Credit Card Debt Encouraging for Economy

August 7, 2015 2:00 am

Americans are showing signs of recovery from the Great Recession by steadily increasing their credit card debt, according to data from a recent National Consumer Credit Trends report released by Equifax. The rate of growth for credit card debt more than doubled year-over-year in many of the metro areas hit hardest by the housing market crash, and more than tripled in other less affected cities. Total credit card debt jumped five percent to $634 billion.

“Every major market has seen increases in credit card debt, even those cities where the housing market issues are not completely resolved,” says Assad Lazarus, interim unit leader of Equifax Personal Information Solutions. “This shows that American consumers are more confident about their financial futures, and that means the U.S. economy has entered an expansion mode.”

Source: Equifax

Published with permission from RISMedia.


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Mortgage Rates Trickle Down

August 7, 2015 2:00 am

As uncertainty about the economy pushes Treasury yields lower, average fixed mortgage rates have moved down for the third week in a row, according to the recent Freddie Mac Primary Mortgage Market Survey® (PMMS®). Dipping just below four percent, the 30-year fixed-rate mortgage (FRM) averaged 3.91 percent with an average 0.6 point. The 15-year FRM averaged 3.13 percent, also with an average 0.6 point.

In addition, the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.95 percent with an average 0.4 point. The 1-year Treasury-indexed ARM averaged 2.54 percent with an average 0.3 point.

Source: Freddie Mac

Published with permission from RISMedia.


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