Mortgage rates are unchanged today on mixed economic news.
Today’s closely watched jobless claims number came in a little better than expected. Ordinarily we would expect this to help the stock market and hurt mortgage rates but that is not the case so far.
The Labor Department reported today that the Producer Price Index (PPI) rose in line with expectations in August for the 2nd straight month. Inflation is the primary driver of mortgage rates and currently it is very tepid.
There are still a few economic reports trickling in throughout the remainder of the day today. Tomorrow brings the Consumer Price Index which is another important read on inflation.
Current outlook: neutral with locking bias