U.S. stocks are on green so far today despite an inflation reading that was hotter than expected. Prices did moderate, but not as much as expected during April. All three major averages are up at least 0.5% currently.

The Consumer Price Index rose 0.3% in April, just above expectations of 0.2%. Consumer prices were up 8.3% over the past year, above the 8.1% expected but down from 8.6% the prior reading.

Core prices were up 0.6% in April, also more than expected. Core prices were up 6.2% over the past 12 months, lower than the previous reading but above the 6.0% reading that was expected.

Elsewhere, MBA mortgage applications were up 2.0% last week behind an increase in purchase activity. Purchase applications were up 3.0%, while refinance activity was down 2.0%.

The report also showed that the average interest rate of a conforming 30-year mortgage increased 17 basis points to 5.53%, the highest level since 2009.

U.S. Treasury yields are higher, with the 2-year Treasury yield up 7.6 basis points to 2.70%, the 5-year Treasury yield up 5.2 basis points to 2.97%, and the 10-year Treasury yield down 2.2 basis points to 3.02%. With the exception of the shortest terms, advance rates are higher today.