Mortgage rates reached their fifth record low in six weeks after mostly disappointing data cast more doubt on the economic recovery and increased investor demand in safer investments like mortgage-backed securities. Housing news started the week on a more positive note. New Home Sales rose 24% in June from the month prior to an annual pace of 330,000, but still the second-lowest rate going back to 1963 after May’s 267,000 pace. The S&P/Case-Shiller Home Price Index increased 4.6%, the biggest year-over-year gain since 2006. Thirteen of the 20 cities showed a year-over-year increase, led by an 18% gain in San Francisco and a 12% increase in San Diego. Even these positive signs couldn’t help Consumer Confidence, which fell to the lowest level since February. Later in the week, the Fed’s Beige Book report painted a picture of slow economic growth in most regions. The big blow came on Friday, when we learned that Gross Domestic Product grew at a 2.4% annual rate during the 2nd quarter of 2010, which was below the long-term average of about 3.0% per year. Currently the 30-Year Fixed is at 4.125% (4.273% APR) and the 15-Year Fixed is at 3.750% (3.890 % APR). Next week will be influenced by the monthly employment report, including the all-important Unemployment Rate. We will also see manufacturing data and Pending Home Sales numbers.