DID YOU KNOW? When fewer mortgages are being taken out, there is a silver lining: Banks compete more. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) decreased to its lowest level since September, 4.94%, from 4.96%, with points decreasing to 0.43 from 0.48 (including the origination fee) for loans with a 20% down payment.
DID YOU KNOW? Fed Gov. Lael Brainard in a speech earlier this month said computer-driven trading in the Treasury market may be fueling erratic swings, sometimes referred to as flash crashes. Brainard said the post-crisis banking laws have not contributed to liquidity problems. (Marketwatch)
DID YOU KNOW? According to the United Nations, nearly 50 million people in the U.S. are foreign born, about 15% of the total population. That percentage lies in between Canada and the U.K., where immigrants represent 22% and 13%, respectively. A report from the International Monetary Fund found a 1 percentage point increase in the share of migrants in the adult population increases GDP per person in advanced economies by up to 2 percent in the longer term.
DID YOU KNOW? Consumers with credit-card debt will likely pay an additional $2.4 billion in interest payments annually as a result of yesterday's Fed’s rate hike. Cardholders currently have about $1 trillion in credit card debt collectively.