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Markets in a Minute – 7/18/2014

For the Week Ending July 18, 2014

Please enjoy this quick update on what’s happening this week in the housing and financial markets.

The latest Fed commentary on economic conditions cites moderately strong growth and subdued inflation. No surprises mean no likely change to policy. 
Retail sales increased slightly in June. Soft auto sales tempered growth. As 1/3 of consumer spending, retail sales are also a gauge of consumer confidence.
Initial jobless claims fell again this week. The four-week average also fell to a new recovery low. Gathering strength in the economy could lead to higher rates.

The NAHB reports builder confidence at a six-month high. More builders are optimistic about current and future sales conditions for new single-family homes.
The Mortgage Banker Association reported a decrease in purchase mortgage applications last week after an increase the previous week.
Housing starts were down significantly in June, giving credence to concerns Fed Chair Yellen expressed to Congress this week.

Q: Why is money called dough?

A: Because we all knead it!

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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