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Mortgage rates were mostly flat this week, despite the market seeing stronger than expected GDP data. The trend is still for higher rates, but for the week it is nice to see rates not moving too much. The commentary on the hot GDP number is that the economy cannot continue to grow at this rate. Next week is a big week with the Fed FOMC meeting. Expectations are for the Fed to not raise rates. It will be interesting to hear Fed Chairman Powell's commentary on the market. The last time the Fed met, the 10-year closed at 4.40%, on Thursday afternoon it is at 4.84%. With rates as high as they are, it feels like a matter of when the economy will slow, bringing down inflation further. There is still a good amount of uncertainty in the markets and until there is a stronger rally, we can likely see higher rates from here.

• U.S. 10-year Treasury on Thursday afternoon is at 4.84%

• GDP came in higher than analyst's expectations (+4.9% q/q vs expectations of +4.5% q/q)

• Pending Home sales came in higher than analyst's expectations (+1.1% m/m vs expectations of -2.0% m/m)

• New Home Sales came in higher than analyst's expectations (759k sales vs expectations of 680k sales)

• Existing Home Sales came in higher than analyst's expectations (3.96 million vs expectations of 3.89 million)

• Initial Jobless Claims came in higher than analyst's expectations (210k claims vs expectations of 207k claims)

• Mortgage Applications fell 1.0% this week