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.