Daily Market Update 5/12/11

Mortgage rates dipped slightly on Thursday following a brief rally of mortgage-backed securities late Wednesday.  In economic news, the April Producer Price Index (PPI) rose 0.8% and was 6.8% higher than one year ago.  Core PPI, which excludes volatile food and energy components, rose 0.3%.  Both inflationary measures came in higher than forecast.  Retail Sales increased by 0.5% in April, below expectations.  Weekly Jobless Claims fell to 434,000, above the consensus forecast of 425,000.  Freddie Mac reported that average 30-year fixed rates fell to 4.63% with 0.7 points over the past week, the lowest level since December 9.  No other key data will be released today.

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