By Jessica Shanahan, Premier Lending LLC adapted from the Shirmeyer Rate Market Report. Mortgage interest rates increased slightly on the week on mixed economic data. Economic data stronger than expected included June Personal Spending, the July ADP Private Jobs report, June Factory Orders, July Non-Farm Jobs, and July Private Jobs. Non-Farm Jobs increased by 255k on expectations of 175k; Private Jobs increased by 217k on expectations of 175k. Economic data weaker than expected included the July ISM Manufacturing Index, June Construction Spending, June Personal Income, the July ISM Services Sector Index, weekly jobless claims, the July unemployment rate, and the June Trade Deficit. Unemployment increased to 4.9 on expectations of 4.8. The Bank of England cut its base lending rate by 0.25, its first cut in seven years, and will buy government and corporate bonds. It also lowered its growth forecast for 2017 from 2.3 to 0.8 due to Brexit and expects to cut rates again. Japan approved a $ 274.4 billion government stimulus package. As a result it appears less likely that the Fed will increase rates at its September FOMC meeting. The Dow Jones Industrial Average is currently at 18,510, up about 80 points on the week. The crude oil spot price is currently at $ 41.48 per barrel, down slightly on the week. The Dollar strengthened versus the Euro and weakened versus the Yen on the week. Next week look toward Thursday’s Jobless Claims and Friday’s Retail Sales, Producer Price Index (PPI), and Consumer Sentiment Index as potential market moving events. Also, the Treasury will auction 3 Year Notes, 10 Year Notes, and 30 Year Bonds. 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/
