Mortgage Rates Plunge to Lowest in Weeks
Good news just in! Inflation's growth rate is showing signs of cooling down, and mortgage rates went from 7.37% yesterday to 6.67% as of this writing! Combining this info with a positive CPI inflation report, it's hopeful that mortgage rates will continue to dip noticeably downward.
But does this mean we've finally reached the peak of inflation? Are we close to the end of the Feds hiking up rates? Here's what we can gather from the CPI report:
The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.4 percent in October on a seasonally adjusted basis, the same increase as in September, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all-items index increased 7.7 percent before seasonal adjustment.
While this a welcomed news by all, we're not entirely out of the woods. We're still dealing with plenty of economic uncertainty in U.S. and global financial markets, so rates may stay relatively high. This latest CPI report, however, has been the most convincing argument supporting rate hike relief, but we'll need two consecutive reports to make a better analysis.