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Weekly Information 9/24

Mortgage interest rates improved slightly this past week as the Fed indicated that it “is prepared to provide additional accommodation to support the economic recovery” at the conclusion of its FOMC meeting. It is implying that it is prepared to purchase more Treasuries to help keep interest rates low if the recovery stalls. Economic data was mixed. August Housing Starts and Building Permits improved substantially, but from weak levels in July. August Existing Home Sales were better than expected but are at their second lowest level since 1997. August Durable Goods Orders were in line with expectations. Excluding transportation orders, though, durable goods orders increased more than expected. Weekly jobless claims increased more than expected and August New Home Sales were weaker than expected.

Weekly Information 9/10

Mortgage interest rates increased slightly again this past week without much new economic data for the markets to digest. Economic data of note included weekly jobless claims which fell more than expected and the July Trade Deficit which was less than expected. July Wholesale Inventories increased 1.3% on expectations that they would increase 0.4%. Consumer Credit continued to fall in July, down $3.63 billion which was in line with expectations. The Treasury auctioned $67 billion in 3 Year Notes, 10 Year Notes, and 30 Year Bonds this past week which was met with mixed demand from the markets.

Weekly Information 9/3

Mortgage interest rates increased slightly this past week largely driven by today’s better than expected jobs report for August. Today’s report showed that non-farm payrolls fell by 54k on expectations that they would fall by 120k. Private non-farm payrolls increased by 67k on expectations that they would increase by 44k. The unemployment rate increased to 9.6%, in line with expectations. Also, weekly jobless claims fell slightly on expectations that they would increase. Other positive economic news of note included July Personal Spending, the Case Shiller 20 City Home Price Index, the Chicago Purchasing Managers Index, August Consumer Confidence, the August ISM Manufacturing Index, and July Pending Home Sales. Economic data weaker than expected included July Construction Spending and the August ISM Services Sector Index.