Daily Market Update 12/13/13

Mortgage rates were little changed Friday in volatile trading.  In economic news, the Producer Price Index (PPI) fell 0.1% last month and was a tame 0.7% higher than one year ago.  The more closely watched Core PPI, which excludes volatile food and energy components, rose 0.1%, matching forecast, and was 1.3% higher year-over-year.  Stocks were mixed.  No other key data will be released today.  The big news next week will be the two day Fed meeting that wraps up on Wednesday.  Some investors expect the Fed to announce that it has begun tapering its “quantitative easing” program, although most believe the Fed will wait until early 2014 to begin scaling back bond purchases.

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