Mortgage Market Update 11/15/17

Rates inched lower Wednesday as weakness in global stocks boosted mortgage-backed securities.  Newly released economic data was mixed.  October Retail Sales rose 0.2%, above the consensus forecast for an increase of 0.1%.  However, excluding the volatile auto component, Retail Sales rose 0.1%, below forecast.  The results for September were revised higher.  The Consumer Price Index (CPI) increased 0.1%, matching expectations.  Core CPI, which excludes volatile food and energy components, rose 0.2% and was 1.8% higher than one year ago, in line with forecast.  The Empire State regional manufacturing index fell to 19.4, well below expectations for a reading of 26.0.  No other key data will be released today.

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