Daily Market Update 7/19/12

Mortgage rates remained near record lows Thursday following the release of weaker than expected economic data.  Weekly Jobless Claims spiked to 386,000, well above forecast.  June Existing Home Sales fell to 4.37 million units.  An increase to 4.65 million had been expected.  On a more positive note, the national median home price rose to $189,400, an increase of 7.9% year-over-year.  The Philly Fed index, a survey of manufacturing activity in the northeast region, came in at -12.9.  Readings below zero indicate contraction in the manufacting sector.  Leading Indicators fell 0.3%, below expectations.  No other key data will be released today.

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