JOHNSON COUNTY AREA NEWS, PUBLIC RECORDS AND PUBLIC NOTICES
 
The Legal Record
 
VOL. 120, NO. 8 ONLINE EDITION February 20, 2018
A WEEKLY COMMUNITY NEWSPAPER OF GENERAL CIRCULATION SERVING JOHNSON COUNTY, KANSAS
 
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Long-term mortgage rates climb again
Long-term U.S. mortgage rates have been rising amid investors' growing concern about inflation.  

Mortgage giant Freddie Mac said the average rate on 30-year, fixed-rate mortgages was recently 4.32 percent, the highest since December 2016. A year ago, it stood at 4.17 percent.  

The rate on 15-year, fixed-rate loans, popular among homeowners who refinance, rose to 3.77 percent from 3.68, the highest since May 2011. It was 3.39 percent a year ago.  

A strong U.S. economy is raising fears that inflation may be on the rise; investors are demanding higher interest rates. The yield on 10-year Treasury notes, which influences mortgage rates, has risen to 2.88 percent from 2.78 percent.  

"Will higher rates break housing-market momentum? It's too early to tell for sure," said Len Kiefer, a Freddie Mac economist. He noted that applications to buy homes are still up 8 percent from a year ago.  

The rate on five-year adjustable rate mortgages rose to 3.57 percent, the highest since April 2011. It was 3.21 percent a year ago.  

To calculate average mortgage rates, Freddie Mac surveys lenders across the country between Monday and Wednesday each week.  

The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. The fee on 30-year loans blipped up to 0.6 point. The fees were all unchanged at 0.5 point for 15-year mortgages and 0.4 point for five-year adjustable mortgages.  

 

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