Updated on February 27, 2015 11:13:56 AM EST Friday’s bond market has opened in positive territory despite stronger than predicted economic news. The stock markets are showing minor losses but are calm with the Dow down 19 points and the Nasdaq down 2 points. The bond market is currently up 6/32 (2.01%), but due to weakness late yesterday we can expect this morning’s mortgage rates to be very close to yesterday’s early pricing. This morning’s early strength simply offsets that late weakness from yesterday.
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The first of two revisions to the 4th Quarter GDP reading was posted early this morning, revealing that the economy grew at an annual rate of 2.2% during the last three months of last year. This was close to forecasts of a 2.1% rate but was a decline from the preliminary estimate of 2.6% that was issued last month. Since weaker economic conditions make bonds more attractive to investors, we can consider this news slightly positive for mortgage rates. The fact that it was not weaker than what was expected prevents it from clearly being good news.