Daily Market Update 5/21/14

Rates held steady Wednesday ahead of this afternoon’s release of detailed Minutes from the April 30 Fed meeting.  This morning, the Mortgage Bankers Association  reported the weekly purchase activity index fell by 3%, while the refinance activity index rose by 4%.  Average reported conventional 30-year fixed rates declined to 4.33% not including fees, a six month low.  No other economic data will be released today.

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