Rates held steady Wednesday as investors attempted to analyze newly released economic data. This morning, The Consumer Price Index (CPI) rose 0.2%, above the consensus forecast of +0.1%. The closely-watched “Core” rate, which excludes food and energy components, rose 0.3%, also above expectations. May Industrial Production increased by 0.1%, close to forecast, but the Empire State index declined by 7.8%, far below an expected increase of 10%. Stocks fell sharply. The Mortgage Bankers Association weekly purchase activity index rose 4.5%, while the refinancing activity index increased by 16.5%. Average reported 30-year fixed rates fell to 4.51%, not including fees. No other key data will be released today.