Consumer credit increased at a seasonally adjusted annual rate of 3.2% in the third quarter of 2024, the Federal Reserve reported today. In September, consumer credit increased at an annual rate of 1.4 percent. Nonrevolving debt — the category that includes auto loans and student loans—increased at an annual rate of 3.4% in Q3, while revolving debt, which includes credit cards, increased at an annual rate of 2.8%.
The rate for a 30-year fixed-rate mortgage was 6.79% this week. The rate for a 15-year fixed-rate mortgage was 6%.
The Federal Open Market Committee announced that it would lower the target range for the federal funds rate by 25 basis points to 4.5%-4.75%.
More than one in four bank customers have experienced fraudulent activity on their accounts in the past 12 months, according to a new survey on U.S. financial protection satisfaction.
FHFA announced two partnerships involving Fannie Mae, Freddie Mac and Federal Home Loan Banks to boost awareness and liquidity for programs that expand housing access for tribal communities.
FEMA said offering monthly payment options would “reduce barriers" to purchasing flood insurance” and make it more accessible.
Senate upsets included Senate Banking Committee Chairman Sherrod Brown (D-Ohio), defeated by Bernie Moreno.
