Daily Market Update 5/29/15

Rates inched lower Friday as first quarter GDP was revised down from +0.2% to -0.7%.  Separately, the Chicago Purchasing Managers Index fell to 46.2, far below the consensus forecast of 53.0.  Readings below 50.0 indicate contraction in manufacturing in the Midwest region.  On a positive note, Consumer Sentiment rose to 90.7, beating expectations.  For the week, 30-year fixed rates improved by about 0.125%.  No other key economic data will be released today.

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