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Market Commentary

Updated on May 26, 2017 10:34:58 AM EDT

There were three pieces of economic data released this morning. One was the first revision to the 1st quarter Gross Domestic Product (GDP) at 8:30 AM ET. It showed that the economy grew at a 1.2% annual rate during the first three months of the year. That was higher than the previous estimate of 0.7% and stronger than the 0.8% that was expected. This is an important number because it shows that the economy was actually, quite a bit stronger during the first part of the year than many had thought. Because bonds tend to thrive in weaker economic conditions, this is bad news for mortgage rates.
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That's the spirit!