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.