Business: TIME CLOCK, Aug. 12, 1957

FHA INTEREST RATES on U.S.-insured mortgages may soon be raised to 5¼% from 5%. FHA also intends to lower mortgage down payments later this year (to $300 from $700 on a $10,000 house), limit discounts on FHA-backed mortgages to 2½% of par value.

U.S. FARM EXPORTS jumped 35% to record $4.7 billion in fiscal 1957. Government-subsidized cotton exports hit 7,700,000 bales v. 2,200,000 bales in 1956; wheat shipments rose to 535 million bu. from 340 million bu. Agriculture Department expects foreign sales boom to level off in current fiscal year because of bumper cotton,...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!