Rates held steady Wednesday in quiet trading as investors showed little reaction to lower than expected inflation data. This morning, the July Producer Price Index (PPI) was unchanged, below the consensus forecast of 0.3%, and was 2.1% higher than one year ago. Core PPI, which excludes volatile food and energy components, rose 0.1%, and was a tame 1.2% higher year-over-year. The Mortgage Bankers Association weekly purchase activity index decreased by 5.4%, while the refinancing activity index declined by 4.4%. Average reported conventional 30-year fixed rates fell slightly to 4.56%, not including fees. No other key data will be released today.