| The KUIK Market Update for Thursday, January 8: | |||||||
| Markets are up. | |||||||
| Index | Direction | Change | Units | Time | Change | ||
| Dow | Up | 260 | points | 17,845 | 7:57 AM | ||
| S&P500 | Up | 1.5% | percent | 2,056 | 29.93 | ||
| Nasdaq Composite | Up | 1.6% | percent | 4,726 | 75.83 | ||
| 30 Year Treasury | Up | 7 | Basis Points | 2.58 | Annual Yield | ||
| The Labor Department reports initial claims for unemployment benefits fell by 4,000 to 294,000 in the week ended January 3. A year ago, claims were 13% higher at 333,000. However the report was weaker than expected, economists expected a drop to 290,000. Continuing claims rose by 101,000 to a seasonally adjusted 2.45 million in the week ended December 27. | |||||||
| Freddie Mac reports the average rate for the 30-year fixed-rate mortgage fell to 3.73% in the week ending January 8, down from 3.87% last week, to hit the lowest level since May 2013. A year ago, the 30-year was at 4.51%. The 15-year fixed-rate mortgage fell to 3.05%, down from 3.15% last week. | |||||||
| Also in mortgage news, Marketwatch reports the Federal Housing Administration is expected to cut the annual mortgage insurance premiums on FHA loans from 1.35% to 0.85%. The upfront premium of 1.75% will stay the same. | |||||||
| Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK. | |||||||
| http://www.marketwatch.com/story/jobless-claims-stay-below-300000-in-sign-of-healthier-labor-market-2015-01-08 | |||||||
| http://www.marketwatch.com/story/30-year-fixed-rate-mortgage-falls-to-lowest-level-since-may-2013-2015-01-08 | |||||||
| http://www.marketwatch.com/story/how-the-fha-insurance-premium-cut-will-impact-the-market-2015-01-08?mod=MW_story_latest_news | |||||||
| For today’s Market Update Report click to listen-> | |||||||