By Jessica Shanahan, Premier Lending LLC adapted from the Shirmeyer Rate Market Report. Mortgage interest rates were mostly flat on the week as today’s employment report for January was mixed. The unemployment rate in January fell to 4.9 on expectations that it would remain unchanged at 5.0. Average hourly earnings increased 0.5 on expectations that they would increase 0.3. Non-Farm Payrolls, though, increased by only 151k on expectations that they would increase by 188k. Private Jobs increased by only 158k on expectations of 180k. The mixed employment report calls into question whether the Fed will increase the Fed Funds rate at their March FOMC Meeting. Other economic data was mixed as well. Economic data stronger than expected included December Personal Income, the January ISM Manufacturing Index, January Auto and Truck Sales, and January ADP Private Jobs. Economic data weaker than expected included December Personal Spending, the PCE Price Index, the January PMI Manufacturing Index, December Construction Spending, the January ISM Services Sector Index, Jobless Claims, and December Factory Orders. The EU cut its 2016 economic growth forecast to 1.7 from 1.8. The Dow Jones Industrial Average is currently at 16,231, down over 200 points on the week. The crude oil spot price is currently at $ 31.63 per barrel, down almost $ 2 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 Retail Sales and Consumer Sentiment Index as potential market moving events. Also, the Treasury will auction 3 Year Notes, 10 Year Notes, and 30 Year Bonds next week. 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/
