After wholesale mortgage pricing hit highs last week not seen in almost a year, it has since fallen back down 50 basis points (that’s 1/2 discount point for the consumer to get the same rate–or 1/2% of the loan amount that the mortgage company fails to earn), and are currently looking to settle in somewhere.
In other wholesale news, the Producer Price Index rose 2.4% last month, up from 1.9% the month before. That’s 1/2% higher cost for the same process in just one month. Though the increase is the same, there is no direct correlation between these two tidbits of info, any more than the rising cost of Pringles is associated with wheelchair deaths. But is still makes for interesting conversation.