Daily Market Update 4/28/11

Mortgage rates moved lower Thursday following the release of weaker than expected economic data. First quarter Gross Domestic Product (GDP) showed that the economy grew at a 1.8% annual rate, slightly below forecast. Weekly Jobless Claims rose to 429,000, well above expectations, and the third consecutive week above 400,000. Pending Home Sales increased by 5.1% in March, much better than expected. Results from today’s 7-year Treasury auction will be released at 1:00 PM.

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