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Markets in a Minute | July 31, 2015

For the Week Ending July 31, 2015
Please enjoy this quick update on what happened this week in the housing and financial markets.

The Fed sees the economy expanding moderately, while housing and labor markets continue to improve. A September increase to policy rates is a possibility.
Second quarter GDP was slightly below expectations at 2.6%, but still better than the first quarter. If the economy improves, rates are more likely to go up.
Consumer confidence slumped in July, possibly due to uncertainty and volatility in financial markets. Intentions to buy homes and appliances increased though.

June’s pending home sales were healthy but down slightly after 5 months of gains. Tight supply could be the cause as competition remains stiff.
Home prices continued to rise in May, for the fourth month in a row. Case-Shiller’s survey found home prices rose nationally an average of 4-5%.
Rent-to-own homes are making a comeback as investors look to profit off the recovering housing market. Consumer demand for this option is growing.

An old blacksmith realized that he was soon going to need to quit working so hard, so he picked out a strong young man to be his apprentice. The old fellow was crabby and exacting. “Don’t ask me a lot of questions,” he told the boy. “Just do whatever I tell you to do.” One day the old blacksmith took an iron out of the forge and laid it on the anvil. “Get the hammer over there,” he said. “When I nod my head, hit it real good and hard.” Now the town is looking for a new blacksmith.

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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