The Bureau of Economic Analysis revised its estimate of third quarter GDP growth upward to 2.6% due to stronger exports, inventory investment, and a moderation in the decline of non-residential fixed investment. However, this was below analysts' expectations due to a reduction in the estimate of personal consumption expenditures. Corporate profits rose 27.2% in the third quarter compared to 2009 due to cost cutting and low interest loans. Mortgage applications fell as rates increased, which could reduce personal consumption, while existing home sales and prices rose slightly in November. The housing market is recovering but rising mortgage rates may limit affordability going forward.