By Jessica Shanahan, Premier Lending LLC adapted from the Shirmeyer Rate Market Report. Mortgage interest rates improved this past week as Fed Chair Janet Yellen indicated that the Fed will adjust policy cautiously in light of global economic weakness.  She also indicated that there is no time table for a rate increase.  It appears that there will not be a rate increase at the April FOMC meeting and a rate increase is unlikely at the June meeting.  Economic data was mixed.  Economic data stronger than expected included February Personal Income, February Pending Home Sales, March Consumer Confidence, the March Chicago Purchasing Managers Index, March Non-Farm Jobs and Average Hourly Earnings, the March ISM Manufacturing Index, and the March University of Michigan Consumer Sentiment Index.  Economic data weaker than expected included the February Personal Consumption Expenditures Core Index, the January Case/Shiller 20 Cities Index, March ADP Private Jobs, weekly jobless claims, the March Unemployment Rate, March Private Jobs, and February Construction Spending.  The Treasury auctioned $ 88 billion in 2 Year Notes, 5 Year Notes, and 7 Year Notes which were met with mixed demand.  Samp;P downgraded China’s debt. The Dow Jones Industrial Average is currently at 17,724, up over 200 points on the week.  The crude oil spot price is currently at $ 37.00 per barrel, down over $ 2 per barrel on the week.  The Dollar weakened versus the Yen and Euro on the week. Next week look toward Monday’s Factory Orders, Tuesday’s International Trade and ISM Services Sector Index, Wednesday’s FOMC Minutes, and Thursday’s Jobless Claims 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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