Daily Market Update 11/17/10

Mortgage rates were little changed Wednesday in another day of volatile trading. In economic news, the October Consumer Price Index (CPI) rose 0.2%, below the consensus forecast of +0.4%. The more closely-watched “Core” CPI was unchanged, and was a tame 0.6% higher than one year ago. October Housing Starts fell 12%, below expectations, to the lowest level in 18 months. The Mortgage Bankers Association weekly purchase activity index fell by 5%, while the refinancing activity index declined by 17%. Average reported 30-year fixed rates for the prior week rose to 4.46%, not including fees. No other key data will be released today.

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