Beware good news...very strong economic data on Friday were pushing mortgage rates higher, fixed-rate 30s still under 6 percent for the lowest-fee packages, but just barely. ARMs are under even more pressure, as the intermediate 5-, 7- and 10-year hybrids are all between 5.5 percent and 6 percent. Friday morning's report of 3.4 percent GDP growth in the 2nd quarter understated the true strength. Business "final sales" leaped 5.8 percent, the variance above GDP largely filled by a drawdown of inventories; the resulting inventory shortage all but guarantees a boost in production and fast growth in the next quarter. Other data confirmed the healthy pattern: orders for durable goods in the 2nd quarter raced ahead at an 8.3 percent annual rate, double the 1st quarter pace. Although icon comp...
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