Daily Market Update 9/14/11

Rates were little changed Wednesday in volatile trading.  In economic news, the August Producer Price Index (PPI) was unchanged, matching expectations, and was 6.5% higher than one year ago.  Core PPI, which excludes food and energy components, rose 0.1%, slightly below forecast.  Retail Sales were flat in August.  An increase of 0.2% had been expected.  The Mortgage Bankers Association weekly purchase activity index rose by 7%, while the refinancing activity index increased by 6%.  Average reported 30-year fixed rates fell to 4.17%, not including fees.  Results from today’s 30-year Treasury auction will be released at 1:00 PM.

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