By Jessica Shanahan, Premier Lending LLC adapted from the Shirmeyer Rate Market Report. Mortgage interest rates increased this past week as economic data was mostly stronger than expected.  Economic data stronger than expected included the NFIB Small Business Optimism Index, June Export Prices, Jobless Claims, the June Producer Price Index (PPI), June Retail Sales, June Industrial Production and Capacity Utilization, and May Business Inventories.  Economic data weaker than expected included May Wholesale Inventories, June Import Prices, the July Empire State Manufacturing Index, the June Consumer Price Index (CPI), and the July University of Michigan Consumer Sentiment Index.  The Treasury Auctioned $ 56 billion of 3 Year Notes, 10 Year Notes, and 30 Year Bonds, which were met with mixed demand.  Theresa May succeeded David Cameron as Prime Minister in the U.K. and the Bank of England unexpectedly left their benchmark lending rate unchanged.  Markets expect more economic stimulus in Japan and more quantitative easing from the European Central Bank. The Dow Jones Industrial Average is currently at 18,529, up almost 400 points on the week.  The crude oil spot price is currently at $ 46.00 per barrel, up slightly on the week.  The Dollar weakened versus the Euro and strengthened versus the Yen on the week. Next week look toward Tuesday’s Housing Starts, Thursday’s Jobless Claims, Philadelphia Fed Business Outlook Survey, Existing Home Sales, and Leading Economic Indicators, and Friday’s PMI Manufacturing Index Flash 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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