Daily Market Update 12/15/10

Mortgage rates stabilized Wednesday morning after rising sharply on Tuesday. The market showed little reaction to today’s economic data. The November Consumer Price Index (CPI) rose 0.1% from October, below the consensus forecast of +0.2%, and 1.1% higher than one year ago. Core CPI, which excludes volatile food and energy components, rose at a tame 0.8% annual rate. Industrial Production rose 0.4% in November, slightly above expectations. The Mortgage Bankers Association weekly purchase activity index fell by 5%, while the refinancing activity index decreased by 0.7%. Average reported 30-year fixed rates for the past week rose to 4.84% not including fees, the highest level in seven months. No other key economic data will be released today.

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