Mortgage rates moved higher Wednesday following the release of stronger than expected economic data. This morning, preliminary second quarter GDP figures indicated the economy grew at a 1.7% annual rate, above the consensus forecast of 1.1%. First quarter GDP was revised lower, however, resulting in first half growth of 1.4%. Separately, payrolls firm ADP estimated private sector job growth of 200,000 in July, beating expectations. The Chicago Purchasing Managers Index rose to 52.3, a bit less than expected. Readings above 50.0 indicate expansion in Midwest manufacturing activity. The Federal Open Market Committee of the Federal Reserve wraps up its two-day meeting to discuss monetary policy this afternoon. The Fed will release a statement at 2:00 PM. Investors will be watching closely for clues about the timing of the Fed’s anticipated tapering of bond purchases known as “quantitative easing”.