Daily Market Update 6/25/14

Mortgage rates inched lower Wednesday following the release of weaker than expected economic data.  This morning, first quarter GDP was revised lower, showing the economy contracted by 2.9% for the period ending March 31, far below the consensus forecast of -1.8%.  Separately, May Durable Goods Orders fell 1.0%.  An increase of 0.4% had been expected.  Results from today’s 5-year Treasury auction will be released at 1:00 PM.

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