Interest Rates Flat on Mixed Economic Data
premier mortgage group | Friday, June 29th, 2012 | Comments OffMortgage interest rates were mostly flat again this past week on mixed economic data. Economic data better than expected included May New Home Sales, the April Case/Shilller Home Price Index, May Durable Goods Orders, May Pending Home Sales, May Personal Income, and the June Chicago Purchasing Managers Survey. Data weaker than expected included June Consumer Confidence, May Durable Goods Orders excluding transportation orders, weekly jobless claims, May Personal Spending, and the June University of Michigan Consumer Sentiment Index. Also of note, the Treasury auctioned $99 billion of 2 Year Notes, 5 Year Notes, and 7 Year Notes which were met with somewhat soft demand. There is some optimism in Europe on news that repayment rules for emergency loans to Spain’s banks will be eased and conditions to help Italy have been relaxed.
The Dow Jones Industrial Average is currently at 12,810, up about 170 points on the week. Crude oil spot prices are currently just under $82 per barrel, up almost $2 per barrel on the week. The Dollar weakened versus the Euro and Yen on the week.
Next week look toward Monday’s ISM Manufacturing Index, Thursday’s jobless claims, and Friday’s June employment report as potential market moving events. Bond and stock markets are closed on Wednesday for Independence Day.