Good morning!

As you can see I have a new look and a new company. The best news is I still provide the same great service with an exceptional team behind me, at Premier Mortgage Group, here in Boulder. Stay tuned for more details next week.

PREMIER MORTGAGE GROUP WEEKLY RATE UPDATE
Today's Market Commentary:

RATES FLAT DESPITE NEGATIVE ECONOMIC DATA
Mortgage interest rates are mostly unchanged on the week despite continued negative economic data. The New York Fed Empire State Index, January Housing Starts and Building Permits, January Industrial Production and Capacity Utilization, weekly jobless claims, and the February Philadelphia Fed Business Index were all substantially weaker than expected. Globally, Japan's Q4 GDP was down 3.3%, Germany's GDP was down 2.1%, and the entire Eurozone was down 1.5%. All three reports were much weaker than expected. Surprisingly, yesterday's January Producer Price Index (PPI), a measure of wholesale prices, actually increased more than expected. This may just be an anomaly, though.

Other news of note included President Obama signing the $790 billion stimulus plan on Tuesday. On Wednesday, President Obama outlined the Homeowner Affordability and Stability Plan to help modify / refinance mortgages to reduce foreclosures.

The Dow Jones Industrial Average is currently at 7,300, down about 575 points on the week. Crude oil futures are currently trading at $37.44 per barrel, flat on the week.
Today look toward January's Consumer Price Index (CPI) as a potential market mover. Next week look toward Thursday's Durable Goods Orders and Friday's second look at fourth quarter GDP as potential market moving events.


Ian R Bennett
Senior Mortgage Advisor

PREMIER MORTGAGE GROUP