By Jessica Shanahan, Premier Lending LLC adapted from the Shirmeyer Rate Market Report. Mortgage interest rates increased this past week as the Fed indicated in its April FOMC Minutes that a rate increase is likely at either its June or July meetings.  The Fed indicated that any rate increase will continue to be data dependent, though.  Economic data was mostly stronger than expected.  Economic data stronger than expected included the April Consumer Price Index (CPI), April Housing Starts, April Building Permits, April Industrial Production and Capacity Utilization, April Leading Economic Indicators, and April Existing Home Sales.  CPI increased the most in three years, Leading Economic Indicators increased the most in 12 months, and Existing Home Sales were up 6.0 year over year in April.  Economic data weaker than expected included the May New York Empire State Manufacturing Index, the NAHB Housing Market Index, Jobless Claims, and the May Philadelphia Fed Business Index.  In China, Industrial Production and Retail Sales were weaker than expected.  In Japan, Q1 GDP increased by 0.4. The Dow Jones Industrial Average is currently at 17,559, up slightly on the week.  The crude oil spot price is currently at $ 48.05 per barrel, up almost $ 2 per barrel on the week.  The Dollar strengthened versus the Yen and Euro on the week. Next week look toward Monday’s PMI Manufacturing Index Flash, Tuesday’s New Home Sales, Wednesday’s International Trade, Thursday’s Durable Goods Orders, Jobless Claims, and Pending Home Sales Index, and Friday’s second look at Q1 GDP 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
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