Second-quarter gross domestic product expanded at a 1.5 percent annual rate while the average long-term mortgage rate rose for a fourth week. Consumer spending increased, but imports weighed on growth and borrowing costs added pressure for prospective homebuyers.

The U.S. economy expanded at a 1.5 percent annual pace from April through June. First-quarter growth had been reported at 2.1 percent. Rising imports weighed on the second-quarter calculation.

Consumer spending increased during the quarter. The Federal Reserve's preferred inflation measure slowed but remained above the central bank's 2 percent target. The average long-term mortgage rate rose for a fourth consecutive week to its highest level in a year.

GDP is revised as more complete source data become available. Mortgage rates respond to bond markets and lender pricing, not only the Federal Reserve's policy rate. National averages do not describe every borrower's credit profile or local housing market.

The checked record also defines what is not yet established. The figures are snapshots subject to revision and do not predict the third quarter or any specific household's borrowing offer. This distinction prevents an announcement, allegation, estimate or early field report from being presented as a completed or independently proven event.

At the August 2 publication cutoff, the next evidence expected to update this account is the next employment and inflation releases and revisions to GDP and weekly mortgage-rate changes. Those future developments are not assumed here; they will require a responsible source, a dated public record or independently verifiable reporting.

The source pages retained below support the numerical values, sequence and attributed statements in this report. Statements from interested parties establish what those parties said or did, but they do not independently prove every claim embedded in those statements. No image is included because a rights-cleared visual was not necessary to report the facts.

This edition preserves the difference between the immediate event and its operating context. GDP is revised as more complete source data become available. Mortgage rates respond to bond markets and lender pricing, not only the Federal Reserve's policy rate. National averages do not describe every borrower's credit profile or local housing market. The article will remain fixed at this cutoff even if a later investigation, corrected total, weather observation or implementation record changes the public understanding.