The economic news continues to come in strong and rates continue to move up. Overall, the reports are better than the economy.
Since Wednesday's upward move, we've seen additional strong economic news and rates have continued to move upward. The good news is the rate of increase has slowed and apparently the 2.87% resistance level on the 10 year treasury is holding as bonds have twice failed to stay above the resistance level. Mortgage rates have shown remarkable restraint in their movements and the 30 year fixed is holding at 4.625%. Below are some details.
Thursday's GDP came in above expectations at 3.6% versus the 3.1% expected number. Normally that would be a much bigger concern but without the massive…