Mortgage interest rates increased slightly again this past week pressured by generally better than expected economic data along with the auction of $71 billion of new Treasury Debt. Economic data stronger than expected included March Construction Spending, March Pending Home Sales, the April ISM Services Sector Index, and weekly jobless claims. Also, today's April employment report showed non-farm job losses of 539,000 on expectations of losses of 600,000. On the flip side, though, the unemployment rate increased to 8.9%, the highest rate since September of 1983. March Consumer Credit was also weaker, contracting $11.1 billion on expectations that it would contract $3.3 billion.

The Dow Jones Industrial Average is currently at 8,536, up over 300 points on the week. Crude oil futures are currently trading at just over $58 per barrel, up over $5 per barrel on the week.
Next week look toward Tuesday's International Trade report, Wednesday's Retail Sales, Thursday's Producer Price Index (PPI), and Friday's Consumer Price Index (CPI) and Industrial Production as potential market moving events.