By Jessica Shanahan, Premier Lending LLC adapted from the Shirmeyer Rate Market Report. Mortgage interest rates were mostly flat week over week as economic data was mainly stronger than expected. Economic data stronger than expected included April New Home Sales, the April Trade Deficit, the March FHFA Home Price Index, Jobless Claims, April Durable Goods Orders, and April Pending Home Sales. New Home Sales had their largest increase since 1992 and reached their highest level since the beginning of 2008. Economic data weaker than expected included the May PMI Manufacturing Flash Index, the University of Michigan Consumer Sentiment Index, and the second look at Q2 GDP. Q2 GDP was revised upward to +0.8 on expectations of +0.9. The Treasury auctioned $ 88 billion of 2 Year Notes, 5 Year Notes, and 7 Year Notes, which were met with strong foreign demand. It appears more likely that the Fed will increase the Fed Funds rate at either its June or July FOMC Meetings. The Dow Jones Industrial Average is currently at 17,869, up over 300 points on the week. The crude oil spot price is currently at $ 49.20 per barrel, up over $ 1 per barrel on the week. The Dollar strengthened versus the Euro and weakened versus the Yen on the week. Next week look toward Tuesday’s Personal Income and Outlays, the Samp;P Case-Shiller Home Price Index, the Chicago Purchasing Managers Index, and Consumer Confidence, Wednesday’s ADP Employment Report, ISM Manufacturing Index, and Construction Spending, Thursday’s Jobless Claims, and Friday’s employment report for May, Factory Orders, and ISM Services Sector Index as potential market moving events. U.S. Markets are closed on Monday for Memorial Day. 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/
