By Jessica Shanahan, Premier Lending LLC adapted from the Shirmeyer Rate Market Report. Mortgage interest rates improved this past week as British citizens voted to exit the European Union.  British Prime Minister David Cameron has already indicated that he will resign.  Markets will likely be volatile in the coming weeks as a result and bonds are currently benefitting from this volatility.  The ramifications of the exit are still being sorted out.  Economic data was mostly weaker than expected.  Economic data weaker than expected included the April FHFA Home Price Index, May Existing Home Sales, May New Home Sales, May Leading Economic Indicators, May Durable Goods Orders, and the University of Michigan Consumer Sentiment Index.  Existing Home Sales were up 4.5 year over year and New Home Sales were up 9.0 year over year.  Jobless Claims, though, were better than expected.  The Treasury auctioned $ 88 billion of 2 Year Notes, 5 Year Notes, and 7 Year Notes, which were met with mixed demand. The Dow Jones Industrial Average is currently at 17,545, down over 100 points on the week.  The crude oil spot price is currently at $ 48.85 per barrel, up slightly on the week.  The Dollar strengthened versus the Euro and weakened versus the Yen on the week. Next week look toward Monday’s International Trade, Tuesday’s final look at Q1 GDP, Case-Shiller Home Price Index, and Consumer Confidence Index, Wednesday’s Personal Income and Outlays and Pending Home Sales Index, Thursday’s Jobless Claims and Chicago Purchasing Managers Index, and Friday’s PMI Manufacturing Index, ISM Manufacturing Index, and Construction Spending 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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