By Jessica Shanahan, Premier Lending LLC adapted from the Shirmeyer Rate Market Report. Mortgage interest rates increased slightly this past week despite economic data that was mostly weaker than expected.  Economic data weaker than expected included the NFIB Small Business Optimism Index, March Import Prices, March Retail Sales, the March Producer Price Index (PPI), the March Consumer Price Index (CPI), March Industrial Production and Capacity Utilization, and the University of Michigan Consumer Sentiment Index.  The NFIB Small Business Optimism Index fell to a two year low, Capacity Utilization fell to its lowest level since 2010, and the University of Michigan Consumer Sentiment Index dipped below 90 for just the second time since 2014.  Economic data stronger than expected included Jobless Claims and the April Empire State Manufacturing Index.  The Treasury auctioned $ 56 billion of 3 Year Notes, 10 Year Notes, and 30 Year Bonds which were met with strong demand for the most part.  The IMF cut its global economic growth forecast for 2015 again to 3.2 from 3.5.  In China, GDP increased 6.7 year over year in Q1, in line with expectations. The Dow Jones Industrial Average is currently at 17,926, up about 350 points on the week.  The crude oil spot price is currently at $ 40.17 per barrel, up slightly on the week.  The Dollar strengthened versus the Yen and Euro on the week. Next week look toward Monday’s Housing Market Index, Tuesday’s Housing Starts, Wednesday’s Existing Home Sales, Thursday’s Jobless Claims, Philadelphia Fed Business Outlook Survey, and Leading Economic Indicators, and Friday’s PMI Manufacturing Flash 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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