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US economy grew at revised 2.5 percent annual rate in April-June quarter, double first quarter

The U.S. economy grew at a 2.5 percent annual rate from April through June, much faster than previously estimated. The steep revision was largely because U.S. companies exported more goods and imports declined.

The Commerce Department said second-quarter growth was sharply higher than the initial 1.7 percent rate it reported last month. And the growth this spring was more than double the 1.1 percent rate from January through March.

The improvement in the trade deficit helped offset a weaker government spending.

Economists expect growth will stay at the 2.5 percent rate in the second half of the year, helped by steady job gains and less drag from federal spending cuts. But some worry that increases in interest rates could slow the economy's momentum.

Bank Rates

Loan Type Graph Rate +/- Last Week
30 Y Fixed Graph 4.25% dw 4.27%  
15 Y Fixed Graph 3.23% up 3.21%  
30 Y Fixed Jumbo Graph 4.56% dw 4.60%  
5/1 ARM Graph 3.37% -- 3.37%  
5/1 Jumbo ARM Graph 3.55% dw 3.59%  
Loan Type Graph Rate +/- Last Week
$30K HELOC Graph 4.36% up 4.34%  
$50K HELOC Graph 4.06% -- 4.06%  
$30K Loan Graph 5.07% up 4.98%  
$50K Loan Graph 4.50% up 4.39%  
$75K Loan Graph 4.50% up 4.39%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 2.92% up 2.91%  
36 M Used Graph 3.43% up 3.42%  
48 M New Graph 3.18% up 3.17%  
48 M Used Graph 2.92% -- 2.92%  
60 M New Graph 3.18% -- 3.18%  
Loan Type Graph Yield +/- Last Week
6 month Graph 0.33% dw 0.34%  
1 yr Graph 0.65% -- 0.65%  
5 yr Graph 1.35% up 1.33%