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Mortgage Rates Little-Changed Ahead of Important Inflation Data

While experts might be able to debate the underlying causes, they can all agree that inflation is the key reason that rates skyrocketed at the fastest pace in decades to the highest levels in decades in 2022.  They could also mostly agree that the persistent of inflation coincides with the persistence of high rates. The Consumer Price Index (CPI) is one of the most important measurements of inflation on any given month, and the latest installment will be out tomorrow morning.   Economists submit forecasts to data aggregators, and the median forecast becomes the consensus.  If the actual number is above or below the consensus, rates tend to rise or fall accordingly.   Tomorrow’s CPI will be out before most any mortgage lender has published rates for the day.  That means a loan would need to be locked by today in order to avoid rolling the dice with tomorrow’s CPI reaction.
Source: mortgagenewsdaily.comNew feed

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