Rates Increase Slightly on Strong Economic Data
Mortgage interest rates improved slightly this past week on strong economic data. Economic data stronger than expected included Construction Spending, the ISM Manufacturing Index, Chicago PMI, Jobless Claims, the Pending Home Sales Index, GDP, Consumer Confidence, S&P Corelogic Case-Shiller Home Price Index and New Home Sales. Economic data weaker than expected included the PMI Manufacturing Index, the EIA Petroleum Status Report and the International Trade Deficit. Personal Income and Outlays came in right on track with slight increases to inflation making a rate ever more likely at this month’s FOMC meeting.
The Dow Jones Industrial Average is currently at 24,181, up over 800 points on the week. The crude oil spot price is currently at $58.19 per barrel, up slightly on the week. The Dollar strengthened versus the Euro and Yen on the week.
Next week look toward Monday’s Factory Orders, Tuesday’s International Trade Deficit and ISM Non-manufacturing Index, Wednesday’s ADP Employment Report, Productivity and Costs and the EIA petroleum Status Report, Thursday’s Jobless Claims and Friday’s Employment Situation and Consumer Sentiment as potential market moving events.