Daily Market Update 11/18/09

Mortgage rates were little changed Wednesday. The Consumer Price Index (CPI) for October came in a bit higher than expected, having increased 0.3% from September. The more closely watched “core” CPI, which excludes food and energy components, rose 0.2% and was a tame 1.7% higher than one year ago. The data continued to show that inflation is not a major concern in the near-term. October Housing Starts dropped 11% to 529,000, far below the consensus forecast of 600,000. Building Permits, a leading indicator, declined 4%. The Mortgage Bankers Association weekly purchase activity index fell by 8% to the lowest level in 12 years. No other economic data will be released today.

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