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Today was released the most recent monthly installment of the Consumer Price Index (CPI) – the closest report to inflation and the one that often causes a big reaction to rates.
Economists submit forecasts to data companies and the average forecast becomes the de facto perception for financial markets. In today’s case, economists looked at the most important monthly inflation number at 0.4% versus 0.4% last month, and that’s exactly where we arrived.
There are definitely some numbers behind the numbers. These were helpful for today’s rates because they showed a decline in inflation after factoring in the more troublesome housing metrics. The average mortgage lender is offering a top tier 30yr fixed rate that is about a point lower than yesterday’s, but still in the same broad range.
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