By Jessica Shanahan, Premier Lending LLC adapted from the Shirmeyer Rate Market Report.
Mortgage interest rates were mostly flat on the week as markets are focused on next week’s FOMC meeting. It’s expected that the Fed will increase the Fed Funds rate by 25 basis points at the conclusion of the FOMC meeting on Wednesday. Economic data was mostly weaker than expected. October Consumer Credit, October JOLTS job openings, October Wholesale Inventories, Jobless Claims, November Export Prices, November Retail Sales, October Business Inventories, and the University of Michigan Consumer Sentiment Index were all weaker than expected. Jobless Claims reached their highest level in five months. Economic data stronger than expected included November Import Prices and November Retail Sales excluding automobile sales. Inflation was up slightly with the Producer Price Index (PPI) up 0.3% in November on expectations that it would be unchanged. The Treasury auctioned $58 billion in 3 Year Notes, 10 Year Notes, and 30 Year Bonds which were met with decent demand.
The Dow Jones Industrial Average is currently at 17,285, down over 550 points on the week. The crude oil spot price is currently at $35.89 per barrel, down over $4 per barrel on the week and the lowest since 2008. The Dollar weakened versus the Yen and Euro on the week.
Next week look toward Tuesday’s Consumer Price Index (CPI), Empire State Manufacturing Survey, and Housing Market Index, Wednesday’s Housing Starts, Industrial Production, and FOMC Announcement, and Thursday’s Jobless Claims and Philadelphia Fed Business Outlook Survey as potential market moving events.
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