Daily Market Update 5/19/09

Mortgage rates inched higher Tuesday following yesterday’s stock market rally. In economic news, Housing Starts fell 13% in April, driven by weakness in construction of condominiums and apartment buildings. Financing of these properties has become more restrictive in recent months. Construction of single family units rose 2.8% in April, the second consecutive monthly increase, fueling optimism that the housing market may be stabilizing. No other economic data will be released today.

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