Happy new year to you and your famiy from Compass Mortgage. We are excited about what is in store for 2015.
We started the year with drops in both the stock market (down 1.47%) and in mortage rates (10 basis point drop for the national average). There was little economic news outside of the markets due to the holidays.
Last week in the economy:
- The S&P 500 started the week at 2,089 and dropped 1.47% to end the week at 2,058
- Mortgage rates (The national average) dropped 0.10% (10 basis points) last week.
- The ISM Manufacturing Index declined to 55.5 from 58.7 in November
What's on the economic calendar for the week of January 5, 2015:
- Wednesday: FOMC minutes will be released.
- Thursday: Jobless claims will be released.
- Friday: The employment situation will be released.
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Our trusted source for all economic news is First Trust Portfolios out of Wheaton, IL. For greater insights on these figures check out their blog here.