Today's Market Commentary:
RATES FLAT ON MIXED ECONOMIC DATA
Mortgage interest rates were generally flat on the week on mixed economic data. Intra-week volatility was high, though. Economic reports better than expected included the August New York Empire State Manufacturing Index, the August Philadelphia Fed Business Index, and July Existing Home Sales. Existing Home Sales increased 7.2% on expectations that they would increase 2.2%. Sales are at their highest level since August of 2007. July Leading Economic Indicators increased 0.6%, in line with expectations and the fourth month in a row that Leading Economic Indicators has shown improvement. Economic reports weaker than expected included July Housing Starts, July Building Permits, and weekly jobless claims. Also, the July Producer Price Index, a measure of wholesale prices, fell 0.9% on expectations that it would fall by 0.2%. The core Producer Price Index, excluding the food and energy components, fell 0.1% on expectations that it would increase 0.1%.

The Dow Jones Industrial Average is currently at 9,493, up over 170 points on the week. Crude oil futures are currently trading at almost $74 per barrel, up over $6 per barrel on the week. The Dollar continued to weaken versus the Yen and has weakened versus the Euro on the week.
Next week look toward Tuesdays Consumer Confidence Index, Wednesdays Durable Goods Orders and New Home Sales, Thursdays second look at Q2 GDP, and Fridays Personal Income and Outlays as potential market moving events.