This morning we were told Producer Prices in the U.S rose more than forecast in July increasing .02%, with the core rate, which subtracts out food and energy prices, rising .04%. And it should come as no surprise that mortgage applications rose for the second week in a row, increasing 4.1% for the week ending August 12.
Normally, higher inflation data would negatively affect bond prices; however, bonds are flat this morning after putting in a stellar performance Tuesday. Mortgage prices will be within a few basis points of HSOA’s Tuesday’s price improvement.
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