Daily Market Update 12/14/12

Mortgage rates were little changed Friday as investors appear to be more focused on budget negotiations than on economic data.  This morning, the November Consumer Price Index (CPI) fell 0.3%, below forecast, but was 1.8% higher than one year ago.  Core CPI, which excludes volatile food and energy components, rose 0.1% and was 1.9% higher year-over-year.  Industrial Production jumped 1.1% in November, beating expectations.  No progress was reported on fiscal cliff negotiations following last night’s meeting between President Obama and House Speaker Boehner.  Greece received approval for its next round of European Union aid.  No other key data will be released today.

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