JOHNSON COUNTY AREA NEWS, PUBLIC RECORDS AND PUBLIC NOTICES
 
The Legal Record
 
VOL. 119, NO. 42 ONLINE EDITION October 17, 2017
A WEEKLY COMMUNITY NEWSPAPER OF GENERAL CIRCULATION SERVING JOHNSON COUNTY, KANSAS
 
The Legal Record Home
Public Notices
Online Content
Subscribe to The Legal Record
Contact Us
Mortgage rates tick up, consumer borrowing slows
Long-term mortgage rates ticked up slightly in the first week of the month, as the average 30-year fixed-rate mortgage rose to 3.85 percent from 3.83 percent a week earlier.  

Mortgage buyer Freddie Mac says the 15-year home loan, often used by homeowners who refinanced their mortgages, also rose slightly to 3.15 percent from 3.13.  

While near historically low, mortgage rates are higher than they are a year ago. The increase reflects in part the expectation that President Donald Trump and the Republican majority Congress will approve tax cuts that are meant to stimulate growth and could possibly increase the deficit.  

Rates on long-term home loans typically track the yield on 10-year Treasury notes.  

Freddie Mac says the rate on adjustable five-year mortgages blipped up to 3.20 percent from 3.17 percent.  

Meanwhile, U.S. consumers slowed their borrowing in August to an annual increase of 4.2 percent – a pullback from a pace of roughly 7 percent over each of the past three years.  

The Federal Reserve said that overall consumer credit rose $13.1 billion in August, down from the $17.7 billion increase in July.  

Economists and financial markets monitor the consumer borrowing report for insights about consumer spending, a category that represents about 70 percent of U.S. economic activity. Consumer spending barely edged up in August in a sign that some Americans remain cautious despite a relatively solid job market.  

Others signs suggest that consumers are being careful with the additional debt they’re taking on. A measure of delinquencies tracked by the American Bankers Association remained below its historic 15-year average, the trade association said.  

Non-revolving credit, which includes auto and student loans, increased $7.3 billion. The revolving credit category, which includes credit cards, increased $5.8 billion.  

The August increase brought consumer credit to a total of $3.77 trillion. The Fed’s monthly credit report does not include mortgages or other debt secured by real estate, including home-equity loans.  

 

Back to the Home Page

Home | Public Notices | Online Content | Subscribe | Contact Us | Admin | FTP
© 2017, Lewis Legal News, Inc. Terms and Conditions Apply.
Lewis Legal News, Inc. - Logo
Design © 2003 - 2017, SPIS, LLC.