At the time I am writing this, mortgage interest rates are less than 1/8th of a percent lower than they were last Friday.

This week was a slow week in terms of important economic reports. Mortgage rates have been stuck in a narrow range for the past 3 weeks with not much change. The 10 year Treasury bond yield has tested the resistance at 1.70% several times but has not managed to close below it. The jobless claims report was released yesterday and claims were down 16k. This report was in line with analyst estimates and thus not much of a market mover.

Today the advanced Q1 Gross Domestic Products (GDP) report came out. The report is an early indicator of what the actual report will look like and is used as tool to measure the growth of our economy. The numbers came in lower than what was expected by analysts, but it did not have much impact on the markets. In order to break out of this narrow range we have been stuck in we will need some big economic news, either positive or negative. Until that time expect rates to stay stable at current levels.