The U.S. economy was considerably stronger in the second quarter than we were originally told.
GDP growth was revised from a 1.5% annual rate all the way up to 2.2%, while consumer spending was revised higher as well.
That's a major change in the economic picture.
Consumers may SAY they're worried about the economy, but they continue to spend.
And for mortgage rates, stronger economic growth isn't necessarily good news. A resilient economy can give inflation and interest rates more reason to stay elevated.
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Russell McDonald | NMLS 290837 | Broker CA DRE 01150730
Wymac Capital Inc | NMLS 18766 | Broker CA DRE 01121628
Real Estate Broker – CA Dept of Real Estate #GDP #Economy #MortgageRates #HousingMarket #FederalReserve