Housing Snapshot - January 10, 2005 - 1/10/2005 - Mortgage Loan Refinance Debt Equity

Housing Snapshot - January 10, 2005

Mortgage interest rates declined last week and remained safely below the 6% threshold. "Economic news seems to reflect steady growth and low inflation, placing little upward pressure on interst rates," said Amy Crews Cutts, Freddie Mac's deputy chief economist. "Although we expect mortgage rates will start to trend gently upward over the year, 30-year fixed-rate mortgage rates should stay under 6%, at least through the first quarter." The Labor Department announced on Friday that 157,000 new jobs were created in December, bringing the total for the year to 2.2 million, the highest number since 1999. Holiday sales were weaker than expected, according to the International Council of Shopping Centers, which reported that business at chain stores was up 2.3% in the November-December period, below projections for a 4% increase. Reversing a recent trend, the dollar moved up last week against the euro. Random Lengths reported that the cost of framing lumber was up last week, reaching $383 per 1,000 board feet, up from $380 during the previous week.