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.