Mortgage rates are priced better this morning.
There is a lot of economic data to sift through today.
*Producer Price Index (PPI)- showed inflation is still not a concern which is good news for rates.
*NY Empire Manufacturing Index- showed manufacturing activity dropped sharply last month. This is bad news for the economy but good news for mortgage rates.
*Philly Fed business index- also fell sharply which is not good news for the economy but good news for mortgage rates.
*June Industrial Production- was actually better than expected.
For now we’ll float but tomorrow brings the Consumer Price Index (CPI) which can also impact the markets.
Current outlook: floating