Rates Improve Slightly on Mixed Economic Datapremier mortgage group | Friday, October 21st, 2016 | Comments Off on Rates Improve Slightly on Mixed Economic Data
Mortgage interest rates improved slightly this past week as economic data was mixed. Economic data stronger than expected included September Building Permits, the October Philadelphia Fed Business Index, and September Existing Home Sales. Existing Home Sales were up 3.2% month over month and 0.6% year over year. Economic data weaker than expected included the October Empire State Manufacturing Index, September Industrial Production and Capacity Utilization, September core CPI excluding the food and energy components, September Housing Starts, and weekly jobless claims. Multi-Family Housing Starts fell by 38% but Single Family Housing Starts increased by 8.1%. The European Central Bank left its monetary policy unchanged, maintaining its monthly asset purchases of 80 billion euros through the end of March 2017. Markets continue to expect that the Fed will increase its Fed Funds rate at its December FOMC Meeting.
The Dow Jones Industrial Average is currently at 18,071, down slightly on the week. The crude oil spot price is currently at $50.85 per barrel, up slightly on the week. The Dollar strengthened versus the Euro and weakened versus the Yen on the week.
Next week look toward Tuesday’s FHFA Housing Price Index, Case-Hiller Home Price Index, and Consumer Confidence Index, Wednesday’s International Trade report and New Home Sales, Thursday’s Durable Goods Orders, Jobless Claims, and Pending Home Sales Index, and Friday’s first look at Q3 GDP and Consumer Sentiment Index as potential market moving events.