Rates held steady Wednesday as concerns about Europe and relatively weak economic data helped mortgage-backed securities recover from yesterday’s late sell off. The May Producer Price Index (PPI) declined 1.0%, a bit more than expected, led by lower energy prices. Core PPI, which excludes food and energy components, rose 0.2%, matching forecast. Retail Sales fell 0.2%, in line with expectations. Stocks moved lower. The Mortgage Bankers Association weekly purchase activity index rose 12.8%, while the refinancing activity index jumped 19.2%. Average reported 30-year fixed rates edged higher, to 3.88%, not including fees. Results from today’s 10-year Treasury auction will be released at 1:00 PM.