Daily Market Update 10/29/13

Mortgage rates were largely unchanged Tuesday as the Fed began its two-day meeting of the Federal Open Market Committee to discuss monetary policy.  In economic news, the September Producer Price Index (PPI) fell by 0.1%, below expectations.  Core PPI, which excludes volatile food and energy components, increased by 0.1%, matching forecast.  Retail Sales declined 0.1% in September, a bit less than expected.  The August S&P/Case-Shiller 20-city home price index jumped 12.8% year-over-year, the largest annual increase since 2006.  Consumer Confidence sank to 71.2 from 79.7, far below expectations.  Results from today’s 5-year Treasury auction will be released at 1:00 PM.

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