Live Rate Quotes
Real Estate Chart of the Day
Mortgage rates and markets change constantly. Stay 100% current by taking The Mortgage Reports by email each day. Click here to get free email alerts, or subscribe to the RSS feed in your browser.
The reversal didn't take long. After Wednesday's Retail Report scared markets into a tizzy, today's Consumer Price Index calmed them considerably and reversed the upward trend seen over the last 48 hours.
With a flat reading of 0.0%, CPI was lower than the 0.2% expectation of 0.2%, but based on the swift reversal, it appears that the expectation was even higher than that. Too many traders got caught leaning the wrong way and mortgage rates tumbled as they corrected their positions.
A flat reading on CPI lowers the year-over-year Core CPI growth to 2.6%. This is not optimal, but it's low enough to please the Fed (for now). Over the past few months, Core CPI (which excludes the price of food and energy) has clocked in at 0.2%, 0.1% and 0.0%.
Looks like a soft landing.
Dan Green (NMLS #227607) is an active loan officer with Waterstone Mortgage. Email Dan ator call 513-443-2020.
Bonus: Click to get a free, no-obligation rate quote. I love to work with my readers!
Since you have reached the end of this post, you may be interested in checking out the related posts below.
