Here’s your economic news for 1.27.2019
Not all the data was available due to shut down. Here’s your economic news based on the data we did receive:
Tuesday: December existing home sales were down 6.4%. Typically, bad news is good for rates. But, the east coast was hit with especially cold weather in November, which very well could have slowed people down from making offers and having them accepted and closed in December.
Think about it, miserable weather keeps people indoors, they certainly don’t want to stroll through homes let alone be in the mood to buy. For this reason, I took this number very lightly.
The next BIG news was that on Thursday the weekly jobless claims were down 13,000 to 199,000 the LOWEST since 1969. This is very good news for the economy and the people in the United States, but not good for rates. With all the hesitancy around the government shutdown, the markets didn’t react.
The December Durable Goods that should have been out on Friday did not come out because of the government shutdown.
Friday congress signed a 3-week extension for funding the government so we will see what numbers come out and how the markets react.
Please remember that the MONTHLY jobs report comes out the 1st Friday of the month, unless the first Friday is the 1st of the month, which this month it is, i.e., February 1st. Therefor it is likely that number will come out a week later.
So, due to this week’s jobless numbers, the monthly number could be market moving if combined with other numbers.
You know what to do, LOCK IN your rate now. Call me at 310-218-6855