Mortgage Market Update 8/29/18

Rates were little changed Wednesday following an upward revision to GDP.  The economy grew at an annual rate of 4.2% in the second quarter, beating expectations.  Separately, the National Association of Realtors reported July Pending Home Sales fell 0.7%, below the consensus forecast for a flat reading, and were 2.3% lower than one year ago.  July marked the seventh straight month of year-over-year declines.  Results from today’s 7-year Treasury auction will be released at 1:00 PM.

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