Weekly Economic Update

New housing starts took a dip last month, but it remains to be seen if that’s mainly due to a normal holiday slowdown.  RealtyTrac also reported that foreclosure filings dropped to the lowest level since 2007, which is very good news.

Retail sales also rose by 0.2 percent, above expectations.

Bottom Line for Mortgages:

The Federal Reserve is going to be watching economic reports closely between now and their next meeting on Jan. 28-29. If the positive economic news continues, it could spur the Fed to taper their bond-buying efforts more quickly.

For now rates remain favorable.

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