By Jessica Shanahan, Premier Lending LLC adapted from the Shirmeyer Rate Market Report. Mortgage interest rates improved this past week as economic data continues to be mixed. Economic data stronger than expected included January Consumer Confidence, December New Home Sales, Jobless Claims, and the January Chicago Purchasing Managers Index. Economic data weaker than expected included December Durable Goods Orders, NAR Pending Home Sales, the first look at Q4 GDP, and the January University of Michigan Consumer Sentiment Index. Q4 GDP was up 0.7 on expectations that it would be up 0.9; for 2015, GDP increased 2.4. As expected, the Fed left the Fed Funds rate unchanged at the conclusion of its FOMC meeting. The Bank of Japan unexpectedly cut interest rates today sending its base lending rate below zero in an effort to stimulate its economy and ward off deflation. The move by the Bank of Japan calls into question whether the Fed will be able to increase rates at its March FOMC Meeting. The Treasury auctioned $ 90 billion of 2 Year Notes, 5 Year Notes, and 7 Year Notes, which were met with reasonably strong demand. The Dow Jones Industrial Average is currently at 16,265, up over 230 points on the week. The crude oil spot price is currently at $ 34.19 per barrel, up over $ 3 per barrel on the week. The Dollar strengthened versus the Euro and Yen on the week. Next week look toward Monday’s Personal Income and Outlays, ISM Manufacturing Index, and Construction Spending, Wednesday’s ISM Service Sector Index, Thursday’s Jobless Claims, and Friday’s employment report for January and International Trade report 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/
