As the week that ended on 17th January, we saw Mortgage rates holding steady, with 30-year fixed rates holding onto last week’s decline to remain unchanged at 4.45%.
Seeing a lack of an upward move, there is a weekly decline and a 10th consecutive week of flat declines.
Data received from economic reports through the week was on the lighter side, with key stats through the week, including inflation, manufacturing PMI and weekly jobless claims figures.
The NY Empire State Manufacturing PMI reported materially slower growth, as the PMI fell to its lowest level in over a year. Although, the Philly FED Manufacturing PMI bounced in January.
Numbers are being indeed contrasting between the two states with the new orders index hitting a 6-month high in Philly, but getting slower in NY State.
In the meantime, economic data out of China reflected the effects of the ongoing trade war with the U.S, with both imports and exports on the slide in December. And while the trade surplus widened further, the larger slide in imports is an ominous sign of what could lie ahead and should be a near-term resolution.
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