Mortgage rates were little changed Friday following the release of weaker than expected economic data. This morning, the Empire State manufacturing index declined to -2.2, far below the consensus forecast of +5.0. Readings below zero indicate contraction in the manufacturing sector in the Northeast region. Meanwhile, Industrial Production declined 0.1%. An increase of 0.1% had been expected. Import Prices fell 0.7%, in line with expectations. Stocks moved modestly higher. No other key economic data will be released today.