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

Talking Credit with Children

May 15, 2015 2:42 am

Financial literacy is important at any age, but especially for middle school-aged children. To facilitate a conversation with your children, start by addressing credit with these four talking points:

1. The credit score is a numerical rating used by lenders to make decisions about granting credit to you.

2. A low credit score can impact your pocketbook. For example, a utility company may require a deposit for lower credit scores before providing service.

3. In addition to whether you pay bills on time, the other factors affecting credit score are:

• How much you owe on credit cards and other loans
• What type of credit you are using
• Whether you have new credit accounts
• How long you have been using credit

4. In general, a poor credit score is defined as anything below 560. An excellent credit score is anything over 760.

Source: Equifax

Published with permission from RISMedia.


Mortgage Rates Trail Year High

May 15, 2015 2:42 am

The average 30-year fixed-rate mortgage (FRM) rose to 3.85 percent, trailing closely behind the year high, according to Freddie Mac’s recent Primary Mortgage Market Survey ® (PMMS®).

“Mortgage rates rose for the third consecutive week as 10-year Treasury yields continued to climb,” says Freddie Mac Deputy Chief Economist Len Kiefer. “The labor market continues to improve with the U.S. economy adding 223,000 jobs in April, a solid rebound from merely 85,000 job gains in March. Also, the unemployment rate dipped to 5.4 percent in April as the participation rate ticked up to 62.8 percent and jobless claims were far less than expected.”

The 15-year FRM average also increased, climbing to 3.07 percent. The 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 2.89 percent, representing a slight decrease. The 1-year Treasury-indexed ARM average rose to 2.48 percent.

Source: Freddie Mac

Published with permission from RISMedia.