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BUSINESS Friday 21 december 2018
A25

US mortgage rates slipped this week

By JOSH BOAK has fallen from 3 percent
Associated Press to under 2.8 percent in
WASHINGTON (AP) — U.S. the past month. Mortgage
long-term mortgage rates rates generally correspond
slipped this week, reflecting with the interest charged
the stock market decline on U.S. government debt.
and rush by investors to Sam Khater, Freddie Mac's
Treasury notes. chief economist, said that
Mortgage buyer Freddie lower rates should help to
Mac said Thursday that boost home sales.
the average rate on the "Given the further drop
benchmark 30-year, fixed- in rates we've seen this
rate mortgage fell slightly month, we expect to see a
to 4.62 percent from to 4.63 modest rebound in home
percent last week. Rates sales as well," he said.q
averaged 3.94 percent a
year ago.
The rate on 15-year fixed-
rate loans held at 4.07 per-
cent for the second straight
week, up from 3.38 percent
a year ago.
Higher mortgage rates over
the past year have caused
home sales to drop. But
mortgage rates have de-
clined in recent weeks as
fears about an economic
slowdown have caused
more investors to sell stocks
and buy Treasury notes.
Amid the purchases, the in- In this Aug. 30, 2018 file photo, a sale signs stand outside a home on the market in Denver.
terest on a 10-year Treasury Associated Press

Medical bills plague millennials; these tips may be the cure

By SEAN PYLES surance status, there are those born 1981-1996 — in
Associated Press ways to make medical the crosshairs. "There are a
Chrystal McKay knew debt more manageable, number of things that add
enough about medical whether you just got the bill up that make younger
care costs that she skipped or it's already in collections. adults more prone to this
the ambulance ride after MEDICAL COLLECTIONS kind of debt," says econo-
a car accident. A friend PEAK IN LATE 20s mist Ben Ippolito, one of
drove her to the emergen- Young adults incur medical the study's authors.
cy room. collections debt at a higher Among them:
That saved her one bill, but rate than older age groups, - Less earning power: Amer-
she faces another for more according to a study pub- icans ages 25 to 34 had a
than $20,000 after her ER lished in Health Affairs , a median income of $36,664
visit. The 29-year-old Stock- health policy journal. in 2017, according to the
ton, California, woman The report looked at 2016 Census Bureau's Current
must balance paying her data from the Consumer Fi- Population Survey.
debt with getting care for nancial Protection Bureau's - Lack of insurance: Just In this Feb. 9, 2018, file photo, a nurse hooks up an IV to a flu
a sprained shoulder that Consumer Credit Panel. It under 20% of millennials in patient at Upson Regional Medical Center in Thomaston, Ga.
may need surgery: "I have found that the frequency their late 20s and early 30s Associated Press
to weigh the pros and of medical debt in collec- were uninsured, the highest
cons. I'm already $20,000 in tions peaked at 11.3 per- rate seen in the Health Af-
debt, and any more treat- cent, for people age 27, fairs report.q
ment will just put me more and stayed near that level
in debt." until the mid-40s — even
Uninsured at the time and though medical spending
facing a bill she doesn't in general is low for people
know how to handle, McK- in their 20s. The median
ay finds herself in a position amount in collections also
familiar to many in her gen- peaked at age 27, at $684.
eration. In contrast, people in their
If she can't cover the cost, 60s had higher rates of
her bill may wind up in col- medical spending but few-
lections. er medical collections.
No matter your age or in- That puts millennials —