Daily Market Update 1/27/17

Rates inched lower Friday as weaker than expected economic data boosted mortgage-backed securities.  This morning, preliminary fourth quarter GDP estimates indicated the economy grew at an annual rate of 1.9%, below the consensus forecast of 2.2%, and down from 3.5% in the third quarter.  Strength was seen in consumer spending and home building, but a much wider trade deficit caused the sharp quarterly decline.  Separately, December Durable Goods Orders fell 0.4%, far below expectations, primarily due to a drop in volatile defense spending on aircraft.  Consumer Sentiment rose to 98.5, a bit higher than expected.  No other key data will be released today.

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