Mortgage Rates tumble on signs that inflation is easing as the October inflation report shows consumer prices rose 7.7%. With that we saw the Record Single Day Drop in mortgage interest rates. Have we seen a peak in mortgage interest rates? Why did interest rates improve when inflation is still showing an increase of 7.7%? In this video, we discuss why the market reacted positively to the CPI readings and how it’s likely to impact the housing market as we move forward.
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Inflation cooled more than expected but prices are still up 7.7%
On a monthly basis, the CPI rose 0.4% in October from September, the same pace as the previous month. The CPI measures what consumers pay for goods and services.
Core CPI rose 0.3% in October, down sharply from 0.6% in both September and August. Investors and policy makers watch core readings closely as a reflection of broad price pressures and as a predictor of future inflation.
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