Daily Market Update 11/15/16

Despite the release of stronger than expected economic data, mortgage rates stabilized Tuesday after moving higher late Monday.  Conventional 30-year fixed rates have now risen by 1/2% in the past week.  In economic news, Retail Sales jumped 0.8% in October, above the consensus forecast of 0.6%.  In addition, September figures were revised higher.  Separately, the Empire State index, a survey of manufacturing activity in the New York region, rose to 1.5, beating expectations.  Readings above zero indicate expansion in the manufacturing sector.  Import Prices rose 0.5%, slightly above forecast.  No other key data will be released today.

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