Mortgage rates were unchanged today, making for an anticlimactic end to a week that saw the sharpest rise in months.  The lack of movement was all the more interesting considering the bond market's reaction to this morning's GDP data (bonds dictate rates). 

Even though GDP came in at 4.1%, markets were widely prepared for such strength.  Paradoxically, bonds improved, but only moderately.  Even so, bond market improvement typically helps rates fall.  Today was a bit of an exception for 2 reasons.  First, bonds lost ground yesterday afternoon, but not enough for most mortgage lenders to raise rates in the middle of the day.  As such, they were left to begin today at a slight disadvantage. Beyond that, the bonds that underlie mortgages specifically didn't improve as much as US Treasuries.

Next week brings a slew of important economic reports and calendar events including the big jobs report and a policy announcement from the Fed.  While the Fed isn't expected to make any changes to rates, Fed Chair Powell will be holding a press conference.  This will give him a chance to address market speculation about the President's recent comments on Fed policy and the need for low rates.