Today’s Mortgage Rates Leap On CPI Data – April 10, 2024

Video Transcript

It’s a really bad day for mortgage rates today. At the market open, the Consumer Price Index,
which is a measure of inflation, had moved higher for headline items – that means inclusive
of everything – showing a 0.3 percentage point increase to 3.5% over the last 12 months. That is far below when CPI top 9 percent two
years ago, so in a way that’s good.

Inflation is slowed. But the reading was one tick higher than forecast. And right now, mortgage rates are hyper-sensitive
to any sort of news that even hints that inflation continues to hang around.

Mortgage rates will be higher today as compared
to yesterday. One good piece in the CPI report. Core inflation, that is the cost of living
excluding food and energy costs like gas that number stayed flat, which tells us that the
biggest jump in prices right now could be geopolitical and supply chain related.

That’s a solvable issue. Subscribe to our main channel for more mortgage
rates news. I’m Dan with Homebuyer.com.

Happy homebuying.