This entry was posted on Thursday, November 15th, 2007 at 12:09 pm and is filed under Economy, Mortgage Rates. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
CPI Shows No Surprises, but More Credit Concerns Help Rates
The Labor Department released October’s Consumer Price Index (CPI) today on the heels of yesterday’s PPI. The overall index was up 0.3%; the core rate was up 0.2%, matching consensus estimates. This left the market to digest other news as it searched for direction.
That news came in the form of more credit market troubles that sent money into the safety of bonds this morning as Applied Material and J.C. Penny put out weak forecasts and Barclays announced a $2.7 billion write-down from its subprime lending activities and related credit issues.
The flight to quality is pushing mortgage rates a bit lower.