With the holiday season coming to a conclusion, there was little in the way of data releases. Last week, the main reports were the Chicago Business Barometer and the ISM Manufacturing Index, both indicating a slight contraction in the manufacturing sector. This comes as we await the upcoming administration change at the White House. The impact of this is relatively minimal, with lending rates continuing their downward trend. Next week we will be expecting the year-over-year for both the Consumer Price Index (CPI) and Producer Price Index (PPI), wrapping up 2024.
Chicago PMI
The Chicago Business Barometer, also known as the Chicago PMI, dropped further to 36.9 in December 2024, compared to November’s 40.2 and missing market forecasts of 42.5.
Primary Mortgage Market Survey Index
• 15-Yr FRM rates saw an increase of 0.13% with the current rate at 6.13%
• 30-Yr FRM rates saw an increase of 0.06% with the current rate at 6.91%
MND Rate Index
• 30-Yr FHA rates saw a decrease of -0.03% for this week. Current rates at 6.42%
• 30-Yr VA rates saw a decrease of -0.01% for this week. Current rates at 6.45%
Jobless Claims
Initial Claims were reported to be 211,000 compared to the expected claims of 225,000. The prior week landed at 220,000.
What’s Ahead
Both the year-over-year reports for the CPI and PPI as well as the first reports of inflation data for 2025 is on the release schedule.
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