Daily Market Update 7/29/13

Mortgage rates were little changed Monday as investors braced for a potentially volatile week.  In economic news, Pending Home Sales fell 0.4% in June, reflecting higher mortgage rates.  A decrease of 1.0% had been expected.  The Federal Open Market Committee of the Federal Reserve will begin its scheduled two-day meeting tomorrow to discuss monetary policy.  The Fed will release a statement Wednesday afternoon.  While no rate changes are expected, investors will be looking for clues about the timing of anticipated tapering of purchases of Treasurys and mortgage-backed securities by the Fed, otherwise known as “quantitative easing”.  Also Wednesday, preliminary second quarter GDP figures will be released.  The Employment Report, the most closely-watched economic data of the month, will come out on Friday.

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