Orla McCaffrey

speaker

593 appearances 13 recordings 1 series first heard Mar 2020 last heard Jun 2022

Orla McCaffrey’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Lenders Loosening Mortgage Eligibility Requirements · 4 Apr 2022 podcast

So even though things are getting looser right now in terms of mortgage lending, historically, they are absolutely nowhere near where they were in the lead up to the financial crisis.

And they're still not even as easy to get a mortgage as it was pre-pandemic.

So the direction is getting looser, but I wouldn't describe the environment as a loose lending environment.

WSJ Your Money Briefing · Why Interest on Your Savings Probably Won't Go Up Anytime Soon · 10 Feb 2022 podcast

The incentive for banks to raise deposit rates, one of the main ones typically, is to gather those deposits.

But because the system is so flush with deposits, they don't need to do that.

Thanks for having me.

Sure.

So for high yield accounts, it's about half a percent down from about 1.5 percent a couple of years ago.

And on accounts at traditional banks, it's about 0.06 percent.

So so pretty low.

Right.

So it's kind of for two reasons.

So rates first started falling in the spring of 2020 when the Fed cut its short-term interest rate in response to the pandemic.

And a couple of months after that, people really started piling money into their savings account.

People were getting stimulus checks, getting unemployment that sometimes was more than their normal income, and just really putting that money into bank accounts, savings accounts, because they couldn't spend it on travel and they couldn't

spending on entertainment, or maybe some of their costs were reduced because they weren't commuting.

So that money has just really built up over time and a lot of it has stuck around at banks.

So at the same time, banks couldn't charge a lot on loans because interest rates were low and they also were flush with deposits.

So that means they didn't have to pay borrowers a lot really to borrow that money.

And that's why rates on these savings accounts have gone down so much.

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