Mortgage rates inched higher Wednesday. In economic news, the January Producer Price Index (PPI) rose 0.2%, slightly below expectations, and was 1.4% higher than one year ago. Core PPI, which excludes food and energy components, increased 0.2%, matching forecast. January Housing Starts fell 9% to an annual rate of 890,000 units, below the consensus of 910,000. Building Permits, a leading indicator, rose 2% to the highest level since June 2008. The Mortgage Bankers Association weekly purchase activity index declined by 1.7%, while the refinancing activity index dropped 1.6%. The average reported 30-year fixed rate rose to 3.75%, not including fees. Detailed Minutes from the January 30 Fed meeting will be released at 2:00 PM.