Cherry Creek Mortgage
Straight Stats 23 February 2018

Rates Flat on Limited Economic Data

Mortgage interest rates were mostly flat on the week as economic data was limited.  Weekly Jobless Claims and January Leading Economic Indicators were stronger than expected.  Weekly Jobless Claims are at a 45-year low but six states estimated their claims.  January Existing Home Sales were down 3.2%, weaker than expected.  Year over year, Existing Home Sales were down 4.8%.  The median sales price, though, was $240,500, up 5.8% year over year.  The Treasury auctioned $92 billion of 2 Year Notes, 5 Year Notes, and 7 Year Notes which were met with soft demand.  The January FOMC Minutes confirmed that the Fed is likely to increase the Fed Funds rate three times this year with the first increase at the March meeting.

 

The Dow Jones Industrial Average is currently at 25,096, down over 100 points on the week.  The crude oil spot price is currently at $63.25 per barrel, up over $1 per barrel on the week.  The Dollar strengthened versus the Euro and Yen on the week.

 

Next week look toward Monday’s New Home Sales, Tuesday’s Durable Goods Orders, International Trade, FHFA House Price Index, and Consumer Confidence, Wednesday’s second look at Q4 GDP, Chicago Purchasing Managers Index, and Pending Home Sales Index, Thursday’s Jobless Claims, Personal Income and Outlays, PMI Manufacturing Index, ISM Manufacturing Index, and Construction Spending, and Friday’s Consumer Sentiment Index as potential market moving events.