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.