Mortgage Market Update 11/14/17

Rates were little changed Tuesday despite the release of stronger than expected inflation data.  This morning, the October Producer Price Index (PPI) rose 0.4%, above the consensus for an increase of 0.1%.  Core PPI, which excludes volatile food and energy components, also rose 0.4% and was 2.4% higher year-over-year.  Investors largely shrugged off the data, instead focusing on tomorrow’s Consumer Price Index.  Stocks moved sharply lower, which may have helped boost mortgage-backed securities.  No other key data will be released today.

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