Breaking: Mortgage Rates Take a Dip Thanks to the Latest Inflation Report!
Posted by Cat Clendenning on Thursday, November 16, 2023 at 12:53:07 PM
By Cat Clendenning / November 16, 2023
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Breaking: Mortgage Rates Take a Dip Thanks to the Latest Inflation Report!
The government's monthly inflation report came in lower than expected.
The October consumer price index increased 3.2% on an annual basis, down from 3.7% in September and a Covid pandemic-era peak of 9.1%.
This news created a surge in the stock market and mortgage rates plummeted. Mortgage demand climbed as applications increased 3% from the previous week.
With this news, discussions have begun about potential future rate cuts by the Federal Reserve, which could further impact the housing market in the coming months.
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