Daily Market Update 11/17/16

Mortgage rates were little changed Thursday following the release of a wide range of economic data.  This morning, the Consumer Price Index (CPI) rose 0.4% in October, in line with expectations.  Core CPI, which is more closely watched and excludes volatile food and energy components, increased 0.1%, below forecast, and was 2.1% higher than one year ago.  Separately, October Housing Starts jumped 26% to an annual rate of 1.32 million units, far above the consensus forecast of 1.17 million.  Fed Chairwoman Janet Yellen told Congress a rate hike could be “appropriate relatively soon”, offering no surprises.  The Philly Fed regional manufacturing index came in close to expectations.  No other key data will be released today.

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