GDP Rev 2 (month after Rev 1)
There were two minor pieces of economic data released this morning, both at 8:30 AM ET. The first was the second revision to the 2nd Quarter Gross Domestic Product (GDP) that came in at up 1.4%. This was an upward revision from the previous estimate of 1.1% and slightly higher than the 1.3% that was expected, indicating the economy was stronger during the April through June months than previously thought. That is technically bad news for bonds and mortgage rates, but because this data is aged now and the current quarter’s reading will be posted next month, the news has had little impact on today’s mortgage pricing.