Rates Improve Slightly as Economic Data Mixed Mortgage interest rates improved slightly this past week as economic data was mixed. Economic data stronger than expected included August New Home Sales and weekly jobless claims. Economic data weaker than expected included August Existing Home Sales, the July FHFA Home Price Index, and August Durable Goods Orders. Existing Home Sales were down 5.3% year over year. The final look at Q2 GDP and the University of Michigan Consumer Sentiment Index were in line with expectations. Q2 GDP showed growth of 4.6%. The Treasury auctioned $93 billion in 2 Year Notes, 5 Year Notes, and 7 Year Notes which were met with mixed demand from markets. There is increased concern of slowing global economic growth as the economies in Europe and China are slowing. In Germany, the Business Confidence index declined more than expected to its lowest level since April of 2013 which may lead to more stimulus from the European Central Bank. The U.S. along with some other Middle Eastern countries began bombing ISIS. The Dow Jones Industrial Average is currently at 17,010, down about 270 points on the week. The crude oil spot price is currently $93.02 per barrel, up slightly on the week. The Dollar strengthened versus the Euro and Yen on the week. Next week look toward Monday’s Personal Income and Outlays and Pending Home Sales Index, Tuesday’s Consumer Confidence Index, Wednesday’s ISM Manufacturing Index, Thursday’s Jobless Claims, and Friday’s employment report for September and International Trade report as potential market moving events. Pyper Lund Mortgage Consultant Cherry Creek Mortgage Company Direct: 303-249-0369 Email: plund@ccmclending EFAX: 303-954-4716 NMLS: 389794 pyperlund
Posted on: Sun, 28 Sep 2014 16:03:52 +0000
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