Progress in taming inflation slowed in October, but futures market investors think the latest numbers increase the odds of another Federal Reserve rate cut next month
Mortgage rates inch up as an expected decline in key inflation gauge does little to change expectations for Fed rate cuts among investors who fund most home loans
Relief would be good news for would-be homebuyers, although purchase loan applications are still up 10% from a year ago as mortgage rates hit highest levels since July, MBA survey shows
Demand for purchase mortgages fell by a seasonally adjusted 7% last week, and requests to refinance were down 26% as mortgage rates continued to climb, MBA survey finds
Reports send mixed signals on the economy, with CPI showing prices rose more sharply than expected in September and jobless claims surging to highest level in more than a year
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
Key Fed inflation metric expected to drop June 28 following unexpected decline in May wholesale prices and jump in weekly jobless claims to 242K workers, highest level since August 2023
Policymakers now envision making just one rate cut this year, but investors who fund most mortgages are still betting the central bank will change its tune if inflation continues to ease
Rates have returned to last week's levels, when applications for purchase loans leapt by 9% from the week before and refi applications surged by 28%, MBA lender survey shows
Mortgage rates rise for the fourth day in a row, pushing back through 7% as more worrisome inflation data puts to rest any lingering hopes for a Federal Reserve rate cut this spring
Inflation rose 0.4% in February to an annual rate of 3.2%, with shelter and gas costs contributing substantially to the uptick, according to the the Bureau of Labor Statistics' Consumer Price Index
Futures markets still hold out hope for a March rate cut, even as annual inflation increased to 3.4% in December, moving away from the Fed's 2% goal for the first time since September