US economy slows to 1.5% growth as mortgage rates rise

The U.S. economy expanded at a sluggish 1.5% annual pace in the April-June quarter, down from 2.1% in the first quarter, as rising imports weighed on growth. Consumer spending rose 3.2%, but inflation remained above the Fed's 2% target. The average 30-year mortgage rate climbed to 6.66%, a one-year high, while consumer confidence slipped to 90.8 on higher gas prices.