Last week was an action-packed week for economic news, and all of it was packed into Thursday.
Last week was an action-packed week for economic news, and all of it was packed into Thursday.
Welcome news arrived last week as lower mortgage rates and a higher number of housing starts were reported. Other economic news was mixed.
The first post-holiday week of 2014 brought mixed economic and housing-related news. CoreLogic reported via its Housing Market Index that November home prices grew by 11.80 percent year-over-year.
The last week of 2013 brought relatively good news in view of the economic roller coaster rides caused by legislative impasse. A brief shutdown of federal government agencies, and nail-biting suspense over if and when the FOMC of the Federal Reserve would taper its quantitative easing program.
The University of Michiganâs Consumer Sentiment Index was improved for December at 82.5, after the November reading was adjusted from 82.5 to 75. Analysts noted that consumers were relieved when legislative gridlock ended.
According to December’s NAHB/Wells Fargo Housing Market Index, home builder confidence rose by four points to a reading of 58; this surpassed the consensus of 56 and November’s reading of 56.
Mortgage Debt Rises For First Time Since Recession
Last week was relatively quiet concerning scheduled housing-related news, but the Federal Reserve’s financial accounts report, released on Monday, indicated that mortgage debt in the U.S. had increased for the first time since the first quarter (Q1) of 2008.
Interest rates fluctuate frequently, often depending on the news. If you are considering refinancing your home, your loan officer may suggest locking in the interest rate on your loan.
Last week brought several indicators of a strengthening economy. New home sales, private and federal employment and mortgage rates rose.
The short holiday week brought a flurry of economic reports last week. Highlights included pending home sales, the S&P Case-Shiller Housing Market Indices and the FHFA home price index. No reports were released on Thursday and Friday in observance of the Thanksgiving holiday.
Give us a call or drop by anytime, we endeavour to answer all enquiries within 24 hours on business days.