It was a good news week for anyone looking to buy a home. The national average for mortgages dropped another 0.12% (12 basis points), ending at the lowest levels we've seen in a year. The Federal Housing Administration (FHA) announced a 0.50% reduction in mortgage insurance premiums that it charges on new loans. This drop in MIP makes home ownership more affordable for many people, especially first-time buyers. The stock market had another down week, slipping another 0.64%.
Last week in the economy:
- The S&P 500 started the week at 2,058 and dropped 0.64% to end the week at 2,045
- Mortgage rates (The national average) dropped 0.12% (12 basis points) last week.
- The Federal Housing Administration (FHA) announced a 0.50% reduction in mortgage insurance premium that it charges on new loans
- The unemployment rate fell to 5.6% in December from 5.8% in November
- Nonfarm payrolls increased 252,000 in December
What's on the economic calendar for the week of January 12, 2015:
- Wednesday: Retail Sales will be released
- Thursday: Jobless claims and the Producer Price Index (PPI) will be released
- Friday: The Consumer Price Index (CPI) and Industrial Production will be released
If you enjoyed our economic review, you can get economic updates e-mailed to you weekly by clicking the button below:
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.