Daily Market Update 11/15/13

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.

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