By Jessica Shanahan, Premier Lending LLC adapted from the Shirmeyer Rate Market Report. Mortgage interest rates improved this past week as the Fed left the Fed Funds Rate unchanged at the conclusion of its FOMC meeting.  The Fed cited concerns that global economic weakness could act as a drag on U.S. economic growth.  It appears that the Fed is looking to increase rates just twice this year instead of the four rate increases it mentioned in December.  Economic data was mixed.  Economic data stronger than expected included the March Empire State Manufacturing Index, January Business Inventories, the February Consumer Price Index (CPI), February Housing Starts, weekly jobless claims, and the March Philadelphia Fed Business Index.  Economic data weaker than expected included the March HAHB Housing Market Index, February Building Permits, February Industrial Production and Capacity Utilization, February Leading Economic Indicators, and the University of Michigan Consumer Sentiment Index.  February Retail Sales were in line with expectations but were down 0.1.  January Retail Sales were revised lower.  The Bank of Japan left its benchmark rate unchanged but downgraded its economic outlook.  The Dow Jones Industrial Average is currently at 17,582, up over 350 points on the week.  The crude oil spot price is currently at $ 40.61 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 Monday’s Existing Home Sales, Wednesday’s New Home Sales, Thursday’s Durable Goods Orders and Jobless Claims, and Friday’s final look at Q4 GDP 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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