By Jessica Shanahan, Premier Lending LLC adapted from the Shirmeyer Rate Market Report. Mortgage interest rates increased slightly again this past week as economic data was mixed. Economic data stronger than expected included January Construction Spending, the February ISM Manufacturing Index, the February ADP Jobs report, the February ISM Services Sector Index, February Non-Farm Payrolls, February Private Jobs, and the February Labor Participation rate. Construction Spending increased 10.4 year over year. The ISM Services Sector Index was better than expected but fell to its lowest level in two years. Economic data weaker than expected included the Chicago Purchasing Managers Index, January NAR Pending Home Sales, Jobless Claims, January Factory Orders, and February Average Hourly Earnings. The February unemployment rate remained unchanged at 4.9 as expected. Today’s mostly stronger than expected employment report may make a Fed rate increase at its March FOMC Meeting more likely. Also of note, China lowered the yuan to its lowest level in three weeks and also reduced bank reserve requirements in efforts to stimulate its economy. The Dow Jones Industrial Average is currently at 16,998, up over 350 points on the week. The crude oil spot price is currently at $ 35.37 per barrel, up over $ 2 per barrel on the week. The Dollar weakened versus the Yen and Euro on the week. Next week look toward Wednesday’s Crude Oil Inventories, Thursday’s Jobless Claims and Treasury Budget, and Friday’s Import and Export Prices 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/
