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Mortgage Rate Sharply Higher After Inflation Data
Mortgage News Daily • • business
Key Points:
- Mortgage rates had a stable winning streak over the past month, with minimal daily increases and an average daily decline of 0.02%.
- This calm was disrupted by a hotter-than-expected Consumer Price Index (CPI) report, signaling broader inflation pressures.
- The CPI data showed widespread price increases, especially in categories linked to higher fuel costs, but also in several non-fuel areas.
- Since the Federal Reserve is currently prioritizing inflation control over employment, the CPI report had a significant impact on market rates.
- As a result, the average top-tier 30-year fixed mortgage rate rose by 0.12% to 7.30% following the report.
