By Jessica Shanahan, Premier Lending LLC adapted from the Shirmeyer Rate Market Report. Mortgage interest rates were mostly flat week over week as economic data was mixed.  Economic data stronger than expected included December Building Permits, the January Philadelphia Fed Business Index, and December Existing Home Sales.  Existing Home Sales were up 14.7 month over month on expectations that they would be up 8.5.  Year over year, Existing Home Sales were up 7.7.  Economic data weaker than expected included the January NAHB Housing Market Index, the December Consumer Price Index (CPI) including the core index, December Housing Starts, Jobless Claims, and December Leading Economic Indicators.  The Consumer Price Index (CPI) was up 0.7 year over year and core CPI, excluding the food and energy components, was up 2.1 year over year.  Building Permits were up 14.4 year over year.  Also of note, the IMF reduced its global economic growth forecast for 2016 by 0.2 to 3.4. The Dow Jones Industrial Average is currently at 15,999, up slightly on the week.  The crude oil spot price is currently at $ 31.30 per barrel, up over $ 1 per barrel on the week.  The Dollar strengthened versus the Yen and Euro on the week. Next week look toward Tuesday’s Consumer Confidence Index, Wednesday’s New Home Sales and FOMC Meeting Announcement, Thursday’s Durable Goods Orders, Jobless Claims, and Pending Home Sales Index, and Friday’s first look at Q4 GDP, the Chicago Purchasing Managers Index, and Consumer Sentiment Index as potential market moving events.  It’s expected that the Fed will leave rates unchanged at the conclusion of its FOMC Meeting. Jessica Shanahan [email protected] Apply online at: 720-833-7964 Office 970-270-2479 Cell 720-438-3993 eFax NMLS License: 1127723 MLO License: 100048262
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