U.S. Mortgage Rates Ease Back but Avoid Sub-5% Ahead of a Big Week
U.S. mortgage rates fell back in the week ending August 18, an upswing could be in store.
According to FX Empire, weak economic data from China set the tone on Monday. Industrial production increased by 3.8% year-over-year, down from 3.9% in June. Retail sales increased by 2.7% year-over-year, down from 3.1% in June. Economists forecast industrial production of 4.6% and retail sales of 5.0%.
The numbers disappointed, forcing the PBoC to deliver support that briefly limited the damage.
US economic indicators delivered mixed results. NY Empire State Manufacturing numbers also weighed on riskier assets ahead of positive stats on Tuesday and Wednesday.
US industrial production increased by 0.6%, with core retail sales up 0.4% in July to slow the flight to safety.
