By Jessica Shanahan, Premier Lending LLC adapted from the Shirmeyer Rate Market Report. Mortgage interest rates improved slightly as economic data was mixed. Economic data stronger than expected included December Non-Farm Payrolls, December Private Jobs, December ADP Private Jobs, and the November Trade Deficit. December Non-Farm Payrolls increased by 292k on expectations that they would increase by 200k. Economic data weaker than expected included the December ISM Manufacturing Index, November Construction Spending, the December ISM Services Sector Index, weekly jobless claims, December Average Hourly Earnings, and November Wholesale Inventories. The ISM Manufacturing Index fell to its lowest levels since June 2009, Construction Spending fell to its lowest level since June 2014, and the ISM Services Sector Index fell to its lowest level since March 2014. Also of note, China’s stock market has been extremely volatile this past week on weaker than expected manufacturing data. The World Bank reduced its forecast for 2016 global economic growth to 2.9. Saudi Arabia and Iran suspended diplomatic relations as tensions have increased. North Korea tested a hydrogen bomb. The Dow Jones Industrial Average is currently at 16,480, down over 1,000 points on the week. The crude oil spot price is currently at $ 33.08 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 Thursday’s Jobless Claims and Friday’s Producer Price Index (PPI), Retail Sales, Empire State Manufacturing Survey, Industrial Production, Consumer Sentiment Index, and Business Inventories as potential market moving events. Jessica Shanahan [email protected] Apply online at: http://premierlends.com/apply-now/ 720-833-7964 Office 970-270-2479 Cell 720-438-3993 eFax NMLS License: 1127723 MLO License: 100048262
RE/MAX of Boulder Real Estate Blog
* Article originally posted on RE/MAX Boulder website at http://www.boulderco.com/blog/
