Daily Market Update 2/19/14

Rates inched lower Wednesday following the release of weaker than expected Housing data.  January Housing Starts declined 16% to 880,000 annual units, far below the consensus forecast of 950,000.  Building permits, a leading indicator, also fell below expectations.  In other news, the January Producer Price Index rose 0.2%, matching forecast, and was a mere 1.2% higher than one year ago.  The Mortgage Bankers Association weekly purchase activity index fell 6.3%, while the refinancing activity index declined 2.7%.  Average reported 30-year fixed rates rose to 4.50%, not including fees.  Detailed Minutes from the January 29 Fed meeting will be released at 2:00 PM.

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