Last Week in The News - Economic Update. U.S. Treasury Secretary John Snow said September 9th that destruction from Hurrican Katrina would slow the nation's economic growth by 1/2- percentage point, not the 1 percentage point the Congressional Budget Office has estimated. Meanwhile, the nation's productivity slowed in the spring while labor costs edged up, the Labor Department reported September 7. Productivity the amount of output per hour of work increased at a 1.8% annual rate in the second quarter, down from a 3.2% increase in the first quarter. At the same time, labor costs rose 2.5% in the spring, slightly higher than the 2.2% rate of increase in the first three months of the year. Wholesale inventories took a suprising dip in July, posting the weakest performance in 28 months, the Commerce Department said September 8. Inventories decreased by .1% after increasing the .4% in June. Wall Street analysts predicted a .6&% gain. U.S. service-sector businesses, however, surged in August, according to The Institute for Supply Management. Its non-manufacturing Index, issued Septmber 6, rose to 65% in August from July's 60.5%, the best reading since April 2004. Readings above 50% indicate growth. Rates on 30-year mortgages, after declining for three weeks, were unchanged last week while other types of mortgages dipped lower on expectations of slower economic growth in coming months. Courtesy - Bear Creek Mortgage Consultants
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Definitions
- Mortgage amount
- Original or expected balance for your mortgage.
- Starting interest rate
- Initial annual interest rate for this mortgage.
- Term in years
- The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years.
- Interest rate cap
- This is the highest interest rate allowed by your mortgage. Your actual interest rate will not be adjusted above this rate.
- Expected adjustment
- The amount you believe that your mortgage's interest rate will change. This amount will be added to or subtracted from your interest rate.
- Months between adjustments
- The number of payment periods between potential adjustments to your interest rate. The most common is 12 months, which means your payment could change at most once per year.
- Starting monthly payment
- Monthly principal and interest payment (PI) based on your beginning balance and starting interest rate.
- Total payments
- Total of all monthly payments over the full term of the mortgage. This total payment amount assumes that there are no prepayments of principal.
- Total interest
- Total of all interest paid over the full term of the mortgage. This total interest amount assumes that there are no prepayments of principal.
The mortgage calculators are provided by KJE Computer Solutions, LLC and made available to NUMBER1EXPERT as self-help tools for your independent use and are not intended to provide investment advice. We can't guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues. |
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