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Default Rates on First Mortgages Rise for Second Consecutive Month
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
READY TO SPEAK TO A PROFESSIONAL?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Default Rates on First Mortgages Rise for Second Consecutive Month
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Default Rates on First Mortgages Rise for Second Consecutive Month

November 17, 2011 (Jeff Alan)

Monthly default rates on first mortgages rose for the second consecutive month in October according to the latest S&P/Experian Consumer Credit Default Indices, while the default rates on all other types of loans declined during the month.

Default rates on first mortgages increased from 1.99 percent in September to 2.08 percent in October, while default rates on second mortgages declined from 1.32 percent in September to 1.29 percent in October.

Mortgage default rates have been steadily declining since 2009 when second mortgage default rates peaked at 4.66 percent in March, followed several months later by first mortgage defaults which peaked at 5.67 percent in August.

Default rates on auto loans improved in October with rates decreasing slightly to 1.22 percent in October, down from 1.29 percent in September, while default rates on bank cards improved the most, decreasing from 5.36 percent in September to 4.85 percent in October.

“This month’s data show how much weight first mortgage default rates have in the national composite, about 84%,” says David M. Blitzer, Managing Director and Chairman of the Index Committee for S&P Indices. “Auto loan, second mortgages and especially bank cards all saw pretty significant drops in their default rates. However, the national composite rose with first mortgages. Home purchases are obviously very large investments, so first mortgage loans are substantially larger than any other consumer loan type. Consequently, when such a loan goes into default it is more serious from the perspective of the consumer’s overall financial status than the others. This is the second time we have seen the rates go up for first mortgages since November 2010.”

Three of the five Metropolitan Statistical Areas (MSAs) posted increases in their month-over-month default rates in stark contrast to last month when four out of the five MSAs posted declines in their default rates.

Chicago posted the largest default rate increase in the monthly Index, moving up 0.17 percentage points to 2.64 in October from 2.47 percent in September. New York followed with an increase of 0.8 percentage points to 2.09 percent in October, up from 2.01 percent in September, and the default rate in Los Angeles increased 0.3 percentage points to 2.15 in October, up from 2.12 percent in September.

Miami posted the largest decline in monthly default rates, falling 0.43 percentage points to 4.16 percent in October, down from 4.59 percent in September. Dallas posted a slight decline in their default rate, falling 0.03 percentage points to 1.30 percent in October, down from 1.33 percent in September.

Tags: S&P, Experian, Consumer Credit Default Indices, mortgage default rates, auto loan default rates, bank card default rates

Source:
Experian

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
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A NEW CAR?


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COULD SAVE YOU THOUSANDS.
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BUYING OR SELLING A HOME IS A BIG DECISION
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Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
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November 17, 2011 (Jeff Alan)

Monthly default rates on first mortgages rose for the second consecutive month in October according to the latest S&P/Experian Consumer Credit Default Indices, while the default rates on all other types of loans declined during the month.

Default rates on first mortgages increased from 1.99 percent in September to 2.08 percent in October, while default rates on second mortgages declined from 1.32 percent in September to 1.29 percent in October.

Mortgage default rates have been steadily declining since 2009 when second mortgage default rates peaked at 4.66 percent in March, followed several months later by first mortgage defaults which peaked at 5.67 percent in August.

Default rates on auto loans improved in October with rates decreasing slightly to 1.22 percent in October, down from 1.29 percent in September, while default rates on bank cards improved the most, decreasing from 5.36 percent in September to 4.85 percent in October.

“This month’s data show how much weight first mortgage default rates have in the national composite, about 84%,” says David M. Blitzer, Managing Director and Chairman of the Index Committee for S&P Indices. “Auto loan, second mortgages and especially bank cards all saw pretty significant drops in their default rates. However, the national composite rose with first mortgages. Home purchases are obviously very large investments, so first mortgage loans are substantially larger than any other consumer loan type. Consequently, when such a loan goes into default it is more serious from the perspective of the consumer’s overall financial status than the others. This is the second time we have seen the rates go up for first mortgages since November 2010.”

Three of the five Metropolitan Statistical Areas (MSAs) posted increases in their month-over-month default rates in stark contrast to last month when four out of the five MSAs posted declines in their default rates.

Chicago posted the largest default rate increase in the monthly Index, moving up 0.17 percentage points to 2.64 in October from 2.47 percent in September. New York followed with an increase of 0.8 percentage points to 2.09 percent in October, up from 2.01 percent in September, and the default rate in Los Angeles increased 0.3 percentage points to 2.15 in October, up from 2.12 percent in September.

Miami posted the largest decline in monthly default rates, falling 0.43 percentage points to 4.16 percent in October, down from 4.59 percent in September. Dallas posted a slight decline in their default rate, falling 0.03 percentage points to 1.30 percent in October, down from 1.33 percent in September.

Tags: S&P, Experian, Consumer Credit Default Indices, mortgage default rates, auto loan default rates, bank card default rates

Source:
Experian

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
Calculate how much you can afford
BUYING OR SELLING A HOME
IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

November 17, 2011 (Jeff Alan)

Monthly default rates on first mortgages rose for the second consecutive month in October according to the latest S&P/Experian Consumer Credit Default Indices, while the default rates on all other types of loans declined during the month.

Default rates on first mortgages increased from 1.99 percent in September to 2.08 percent in October, while default rates on second mortgages declined from 1.32 percent in September to 1.29 percent in October.

Mortgage default rates have been steadily declining since 2009 when second mortgage default rates peaked at 4.66 percent in March, followed several months later by first mortgage defaults which peaked at 5.67 percent in August.

Default rates on auto loans improved in October with rates decreasing slightly to 1.22 percent in October, down from 1.29 percent in September, while default rates on bank cards improved the most, decreasing from 5.36 percent in September to 4.85 percent in October.

“This month’s data show how much weight first mortgage default rates have in the national composite, about 84%,” says David M. Blitzer, Managing Director and Chairman of the Index Committee for S&P Indices. “Auto loan, second mortgages and especially bank cards all saw pretty significant drops in their default rates. However, the national composite rose with first mortgages. Home purchases are obviously very large investments, so first mortgage loans are substantially larger than any other consumer loan type. Consequently, when such a loan goes into default it is more serious from the perspective of the consumer’s overall financial status than the others. This is the second time we have seen the rates go up for first mortgages since November 2010.”

Three of the five Metropolitan Statistical Areas (MSAs) posted increases in their month-over-month default rates in stark contrast to last month when four out of the five MSAs posted declines in their default rates.

Chicago posted the largest default rate increase in the monthly Index, moving up 0.17 percentage points to 2.64 in October from 2.47 percent in September. New York followed with an increase of 0.8 percentage points to 2.09 percent in October, up from 2.01 percent in September, and the default rate in Los Angeles increased 0.3 percentage points to 2.15 in October, up from 2.12 percent in September.

Miami posted the largest decline in monthly default rates, falling 0.43 percentage points to 4.16 percent in October, down from 4.59 percent in September. Dallas posted a slight decline in their default rate, falling 0.03 percentage points to 1.30 percent in October, down from 1.33 percent in September.

Tags: S&P, Experian, Consumer Credit Default Indices, mortgage default rates, auto loan default rates, bank card default rates

Source:
Experian

THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS