By Jessica Shanahan, Premier Lending LLC adapted from the Shirmeyer Rate Market Report.
Mortgage interest rates are flat on the week as economic data mostly met expectations. Economic data that was in line with consensus forecasts included Consumer spending rising by 0.2%, Unemployment which continues to be near all-time lows, Factory Orders rose 1.8% and Non-farm payrolls were up 215,000 as expected. Economic data slightly weaker than expected included the ISM Manufacturing Index slipping 0.8 tenths, Construction spending only rising 0.1% and International Trade which saw the trade gap widen to $43.8 billion. Dennis Lockhart of the Fed led investors to believe on Tuesday that the first rate hike will be coming in September barring any significantly underperforming economic data. While he may not speak for the entire Fed, investors did take note of the warning.
The Dow Jones Industrial Average is currently at 17,325, down on the week. The crude oil spot price is currently $44.15 per barrel, down almost $4 per barrel on the week. The Dollar strengthened slightly versus the Euro and Yen on the week.
Next week look toward Wednesday’s JOLTs report and EIA Petroleum Status Report, Thursday’s Jobless Claims and Retail Sales, and Friday’s Producer Price Index and Industrial Production as potential market moving events.
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