Mortgage rates ticked up this morning as the mortgage-backed bond market followed through on Friday’s trading pattern with lower prices.
The National Association of Realtor reported better than expected existing home sales for the month of January. December’s figures were also revised higher.
We’ll be watching for tomorrow’s Producer Price Index (PPI) report for clues on inflation pressures.
Producer Price Index (PPI)
The Producer Price Index (PPI) is a measure of price changes in the manufacturing sector of the average price level for a fixed basket of capital and consumer goods paid by producers. It measures average changes in selling prices received by domestic producers in the manufacturing, mining, agriculture, and electric utility industries for their output. Core CPI takes out food and energy as a factor.