By Jessica Shanahan, Premier Lending LLC adapted from the Shirmeyer Rate Market Report. Mortgage interest rates were mostly flat on the week as economic data was mixed.  Economic data stronger than expected included January Industrial Production, January Capacity Utilization, and Jobless Claims.  Economic data weaker than expected included the February New York Fed Empire State Manufacturing Index, the February NAHB Housing Market Index, January Housing Starts and Building Permits, and the February Philadelphia Fed Business Index.  Inflation data was slightly higher than expected with the January Consumer Price Index (CPI) up 1.4 year over year.  Core CPI, excluding the food and energy components, was up 2.2 year over year, slightly above the Fed’s 2.0 target rate.  The Organization for Economic Cooperation and Development reported that Q4 global growth was the weakest in three years, up just 0.2 among its 34 members.  In light of global weakness, market volatility, and a pickup in inflation it’s uncertain whether the Fed will continue to increase the Fed Funds rate. The Dow Jones Industrial Average is currently at 16,376, up about 400 points on the week.  The crude oil spot price is currently at $ 29.35 per barrel, up slightly on the week.  The Dollar strengthened versus the Euro and weakened versus the Yen on the week. Next week look toward Tuesday’s Case-Shiller Home Price Index, Consumer Confidence Index, and Existing Home Sales, Tuesday’s New Home Sales, Wednesday’s Durable Goods Orders and Jobless Claims, and Friday’s second look at Q4 GDP, Personal Income and Outlays, and Consumer Sentiment Index as potential market moving events.   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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