This week has been marked by historically low mortgage rates and one of the tightest trading ranges of the year.

Mortgage rates changed very little throughout the week, ending the week very near to where they started. This means that if you have not already locked in your rate at the current historically low levels, this may be your chance.

GDP (Gross Domestic Product) Data Disappoints

US Gross Domestic Product data for the first quarter of 2012 was released this morning. The data showed a disappointing growth rate of 2.2%, which was below expectations of 2.5%. Negative data like this can exert downward pressure on mortgage rates and will continue to cast doubt on the strength of the economic recovery that market watchers are monitoring.

Analysts are attributing the lower than expected GDP to less corporate investment occurring and less build-up of inventories.

Mortgage Rates and the Week Ahead

As always, market watchers will continue to keep an eye on Europe next week, especially in light of Spain’s recent downgrades. Any negative news coming out of Europe will put downward pressure on mortgage rates in the United States.

There are a handful of reports with the potential to move mortgage rates next week, Monday: Personal Consumption and Expenditures, Wednesday: ADP Employment Change and finally Thursday: Weekly Jobless Claims.