Mortgage rates inched lower Monday following a second consecutive day of weaker than expected economic data. On Friday, the Employment Cost Index rose a mere 0.2% in the second quarter, far below the consensus forecast of 0.6%. This morning, the Institute for Supply Management manufacturing index declined unexpectedly to 52.7. Readings above 50.0 indicate expansion in the manufacturing sector. Construction Spending increased 0.1%, below expectations. The June Core PCE price index, the Fed’s preferred measure of inflation, rose 0.1%, matching forecast, and was just 1.3% higher than one year ago. This is well below the Fed’s target level of 2.0%, which may make Fed officials more hesitant to raise interest rates. No other key data will be released today.