Market Comment
Mortgage bond prices finished the week higher, which pushed rates lower. The data was generally as expected. Consumer prices rose 0.2% and the core rate, which excludes volatile food and energy costs, also rose 0.2%. Housing starts were weaker than expected at 1,060. Market participants looked for starts of 1,160K. Weekly jobless claims were 271K versus the expected 272K. The Philadelphia Fed survey rose 1.9% versus the expected 1% decline. Leading economic indicators rose 0.6% as expected. Mortgage interest rates finished the week better by approximately 1/4 of a discount point.
Consumer Confidence The Conference Board releases the Consumer Confidence Index on the last Tuesday of every month. The report details the levels of confidence individual households have in the performance of the economy. The data is derived from a survey of 5,000 households nationwide. The survey polls consumer opinions on current business conditions, their jobs, their incomes, and their future spending plans. The consumer confidence index is significant in that it provides a precursor into consumers’ willingness to spend in the months ahead. However, many analysts point out that willingness to spend does not always convert to actual expenditures. Copyright 2015. All Rights Reserved. Mortgage Market Information Services, Inc. www.ratelink.com The information contained herein is believed to be accurate, however no representation or warranties are written or implied. |
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