Posted by Cat Clendenning on Thursday, November 16, 2023 at 12:53:07 PM By Cat Clendenning / November 16, 2023 Comment
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.
Post a Comment
To post a comment about this blog entry, click here.