Gross Domestic Product (GDP)
Tomorrow has two economic releases that are likely to influence mortgage rates, one of which is considered to be a key piece of data. That would be the preliminary reading of the 3rd Quarter Gross Domestic Product (GDP) at 8:30 AM ET. The GDP is considered to be the benchmark measurement of economic growth because it is the total of all goods and services produced in the U.S. Accordingly, it is likely to have a big impact on the financial markets and mortgage pricing. There are three versions of this report, each a month apart. tomorrow's release is the first version and usually has the biggest influence on the markets. Current forecasts are calling for the GDP to have rebounded from the pandemic shutdown at an annual rate of 30% during the July through September months. Good news for mortgage rates would be a much smaller increase. However, a stronger than expected economy could lead to a rally in stocks, bond selling and a noticeable increase in mortgage pricing tomorrow.