Daily Market Update 6/13/12

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.

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