The FHFA House Price Index rose 0.6% from last month to an annualized 6.2% appreciation rate.  This index measures the price expansion of single family homes with conforming conventional mortgages on them.  Existing Home Sales were down 2.3% last month, but where April was the best reading in the last 10 years, even a slight retraction is still reflecting a very strong market.

The next FOMC meeting is on the 13-14th of June.  For the past few months, folks have been speculating that the Fed will raise rates at that time.  In the last few days though, several pundits have pointed to a few factors indicating that the growth has slowed and that rates should not be increasing.  Making counterclaims is what keeps cable news channels on the air, but until the data hits it’s all speculation.  Today at about noon our time we’ll see the minutes from the last FOMC meeting, and that may shed some light on the behind-the-scenes discussion happening among those who hold the future of interest rates in their collective hands