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Markets in a Minute – 5/23/2014

For the Week Ending May 23, 2014
Please enjoy this quick update on what’s happening this week in the housing and financial markets. Beyond that, I hope you have a safe, happy Memorial Day remembering those who served for our freedom.

Minutes from the Fed’s May meeting show expectations of faster GDP growth in the next few years. Still, current concerns favor interim rate stability.
Despite volatility in the stock markets this week, interest rates have remained relatively stable and at their lowest point of the year. 
Lingering tensions with Russia and movement in overseas markets are among the factors that may be keeping rates steady in the U.S. 

Apartment rents are increasing at the fastest pace since the end of the recession. This could push more homebuyers into the market. 
Surveys show tight housing inventory in most markets. With single-family housing starts up only slightly, the trend could continue.
A decrease in purchase applications mirrors this week’s existing home sales report. Sales were below expectations yet still up from the last reading. 

Q: Two coins add up to 30 cents, and one is not a nickel. What are they?

A: A quarter and a nickel. The quarter isn’t a nickel.

Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.

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