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Market Commentary

Updated on January 18, 2019 10:36:02 AM EST

The first of this morning’s two economic releases was Decembers Industrial Production report at 9:15 AM ET. It showed a 0.3% rise in output at U.S. factories, mines and utilities, exceeding expectations of a 0.2% increase. The larger increase makes the data negative for bonds and mortgage rates, but it was only a minor variance in a moderately important report. Therefore, it has not had much of an impact on this morning’s bond trading or mortgage pricing.

Januarys preliminary reading to the University of Michigans Index of Consumer Sentiment was posted at 10:00 AM ET. This release gave us clearly good news by coming in much lower than expectations. Today’s release revealed a 90.7 reading when analysts were expecting to see 96.5. This was also a sizable decline from November’s 98.3. The lower reading indicates that surveyed consumers were much less optimistic about their own financial situations than last month. That is good news because weaker levels of confidence likely will lead to softer levels of consumer spending that fuels economic growth. Unfortunately, this report does not carry the significance of some of the other reports we regularly get. That is why we have not seen a stronger reaction to the news.

Next week doesn’t have too much scheduled that is expected to influence mortgage rates. The markets will be closed Monday for the Martin Luther King holiday and the most important report of what was scheduled is likely to fall victim to the government shutdown. The remaining data we will get is moderately important at best. Look for details on next week’s events in Sunday evening’s weekly preview.

 ©Mortgage Commentary 2019

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PRMI NMLS No. 3094. Branch NMLS 252910. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification. This office is licensed and examined by the Office of Consumer Credit Commissioner of the State of Texas. Alabama Banking Department Bureau of Banking MC 20316. Arkansas Securities Department 11558. Florida Office of Financial Regulation MLD646. Department of Banking and Finance 6521. Office of Financial Institutions #771. Missouri Division of Finance. Mississippi Department of Banking and Consumer Finance, 3094. Oklahoma Department of Consumer Credit ML010027. Department of Financial Institutions 109282.

PRMI NMLS No. 3094. Branch NMLS 252910. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification. This office is licensed and examined by the Office of Consumer Credit Commissioner of the State of Texas. Alabama Banking Department Bureau of Banking MC 20316. Arkansas Securities Department 11558. Florida Office of Financial Regulation MLD646. Department of Banking and Finance 6521. Office of Financial Institutions #771. Missouri Division of Finance. Mississippi Department of Banking and Consumer Finance, 3094. Oklahoma Department of Consumer Credit ML010027. Department of Financial Institutions 109282.