When someone is looking to purchase a house, they need to think about how long they want their mortgage to last. While a bank can structure a mortgage to last for any number of years, the most common lengths are 15 and 30 years. While a 30-year mortgage is typically more affordable, a 15-year mortgage is cheaper overall.
Last week's economic reports included readings on public and private sector jobs, the national unemployment rate and weekly readings on mortgage rates and new unemployment claims.
Last week's economic reports included readings from Case-Schiller Home Price Indices and National Association of Realtors(R) data on pending home sales. The Conference Board of the U.S. Senate also released its Consumer Confidence Index. Weekly readings on mortgage rates and first-time jobless claims were also released.
Last week's economic reports were limited due to the Christmas holiday. New home sales data was released along with a weekly reading on mortgage rates.
Last week's economic reports included readings on inflation and retail sales; the Federal Reserve released its post-meeting statement from its Federal Open Market Committee. Weekly readings on mortgage rates and new jobless claims were also released.