Rates Flat on Mixed Economic Data
Date: April 21, 2017
Mortgage interest rates were mostly flat on the week as economic data was mixed. Economic data stronger than expected included March Building Permits, March Industrial Production and Capacity Utilization, March Leading Economic Indicators, and March Existing Home Sales. Economic data weaker than expected included the April New York Fed Manufacturing Index, the April NAHB Housing Market Index, March Housing Starts, and the April Philadelphia Fed Business Index. Also of note, the debt ceiling will expire next week causing a partial government shutdown unless Congress and the President can agree to increase the debt ceiling. Treasury Secretary Mnuhcin stated that the administration would release its tax overhaul “very soon.” In France, elections will be held on Sunday which may have implications of whether France stays in the European Union. In China, Q1 GDP increased 6.9% year over year, stronger than expected.
The Dow Jones Industrial Average is currently at 20,558, up over 100 points on the week. The crude oil spot price is currently at $49.96 per barrel, down over $3 per barrel on the week. The Dollar weakened versus the Yen and Euro on the week.
Next week look toward Tuesday’s FHFA House Price Index, Case-Shiller Home Price Index, New Home Sales, and Consumer Confidence Index, Thursday’s Durable Goods Orders, International Trade, Jobless Claims, and Pending Home Sales Index, and Friday’s first look at Q1 GDP, Employment Cost Index, Chicago Purchasing Managers Index, and Consumer Sentiment Index as potential market moving events.