PPI helps support mortgage rates rally

The Producer Price Index came in lower than expected, good news for mortgage rates.

Chicago mortgage rates have dipped almost a full .5% since jumping last month.  We're in the middle of a fourth consecutive week of improved rates and we're now back to the lows of 5 weeks ago. 

What's interesting about this now is that it is occurring with the new Fannie Mae and Freddie Mac refinance programs more widely available.  There should be additional homeowners able to refinance compared to the rate rallies of earlier this year.