ISM manufacturing index did not reach new highs, it did report the 2nd highest number in the past 23 weeks.
Chicago, IL (PRWEB) January 03, 2014
As Friday comes to a close, Peoples Home Equity reflects on the week and finds that it was quite constructive. Pending home sales outperformed on Monday, the S&P/Case-Shiller 20-City Composite Home Price Index posted great numbers on Tuesday, and the ISM manufacturing index remained near annual highs while initial jobless claims remained stable on Thursday. Mortgage rates reacted as trending in a narrow range.
Pending home sales surprised the market on Monday December 30th by reporting a positive November percentage change of 0.2% vs the expected -1.2%. The increase broke a 5 month slump.
On Tuesday the S&P/Case-Shiller 20-City Composite Home Price Index posted yet another consecutive month of positive returns, this time for October. This report was the 11 consecutive month of gains in Case/Shillers Home Price Index.
The data on Thursday was constructive. While the ISM manufacturing index did not reach new highs, it did report the 2nd highest number in the past 23 weeks. Initial jobless claims were only a 1,000 individuals higher than the week prior when claims dropped a whopping -11%, thus a small change this week was acceptable by Peoples Home Equity’s standards.
Despite all the positive economic news released, mortgage rates basically unchanged for the week. According to MortgageNewsDaily.com the average fixed rate mortgage saw an increase of just 0.01 from 4.62% on Monday to 4.63% today on Friday.
Looking ahead at next week are Peoples Home Equity is waiting for the much anticipated mortgage applications survey from the Mortgage Bankers Association on Wednesday, January 8th.
Please contact Peoples Home Equity loan officer today for mortgage details at: (855)-897-0300