Daily Market Update 7/16/13

Mortgage rates inched lower Tuesday reflecting market improvement late Monday.  In economic news, the June Consumer Price Index (CPI) rose 0.5%, slightly above the consensus forecast, and was 1.8% higher than one year ago.  Core CPI, which excludes volatile food and energy components, increased 0.2%, in line with expectations.  Industrial Production rose 0.3%, matching forecast.  Investors are now looking ahead to tomorrow's testimony from Fed Chairman Benanke at 10:00 AM.  No other key data will be released today.