The Federal Reserve's preferred inflation gauge fell to 2.56% in May, getting closer to the Fed's 2% target for the 2nd month in a row. Core inflation reading is lowest since March 2021
Fed Governor Michelle Bowman warns bankers that she thinks the Fed may need to hike rates more than once and keep them high next year to get inflation under control
As rates keep rising, requests to refinance accounted for just half of mortgage applications, down from 68% a year ago
The Fed could begin tapering as soon as November, adding momentum to market forces that have been pushing mortgage rates up in recent weeks