Daily Market Update 8/23/13

Rates inched lower Friday following the release of weaker than expected housing data.  July New Home Sales fell by 13.4% to 394,000 annual units, well below the consensus forecast of 490,000.  June sales figures were also revised sharply lower.  The recent spike in mortgage rates was cited as a likely culprit for the unexpected decline.  Stocks moved lower.  Next week’s key economic data include Monday’s release of Durable Goods Orders, revised second quarter GDP on Thursday, and the Core PCE price index on Friday.  No other data will be released today.

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