Rates Up Slightly on Limited Economic Data
Mortgage interest rates increased slightly this past week as economic data was limited. Of note, September JOLTS Job Openings and September Consumer Credit were stronger than expected. Weekly Jobless Claims and the University of Michigan Consumer Sentiment Index were weaker than expected. September Wholesale Inventories were in line with expectations. The Treasury auctioned $62 billion of 3 Year Notes, 10 Year Notes, and 30 Year Bonds which were met with okay demand. It appears that there will be tax cuts although the details are still taking shape.
The Dow Jones Industrial Average is currently at 23,411, down almost 280 points on the week. The crude oil spot price is currently at $57.18 per barrel, up over $1 per barrel on the week. The Dollar weakened versus the Euro and Yen on the week.
Next week look toward Tuesday’s NFIB Small Business Optimism Index and Producer Price Index (PPI), Wednesday’s Consumer Price Index (CPI), Retail Sales, Empire State Manufacturing Survey, and Business Inventories, Thursday’s Jobless Claims, Philadelphia Fed Business Outlook Survey, Import and Export Prices, Industrial Production, and Housing Market Index, and Friday’s Housing Starts as potential market moving events.