The Labor Department reported last week that consumer inflation reached 7.7% in October from a year earlier, the smallest year-over-year rise since January. Excluding volatile food and energy prices, "core" inflation rose 6.3% in the past 12 months. On Wednesday, Labor reported that prices at the wholesale level fell for the fourth straight month.
Those figures were all lower than economists had expected, but it remains to be seen whether it’s enough to get the Fed to ease off the jumbo rate hikes. There had been some hope that the Fed would begin to dial the rate increases down as more evidence comes in that prices may have peaked. However, recent comments by Fed officials have turned knocked down that optimism.
James Bullard, who leads the Federal Reserve Bank of St. Louis, said Thursday that the Fed may have to raise its benchmark interest rate much higher than it has previously projected to get inflation under control.The Associated Press contributed to this report.
Tumbled haha Rates were under 3 not too long ago.
Tumble?
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Three things a homebuyer should do before taking out a mortgage, according to this mortgage CEOFor a new home buyer, applying for a mortgage can be exciting — and overwhelming. One mortgage CEO talked to MarketWatch gave three tips to help prospective...
Source: MarketWatch - 🏆 3. / 97 Read more »
'There is still a long road ahead for the housing market': Mortgage rates see biggest weekly decline since 1981, Freddie Mac says“Mortgage rates tumbled this week due to incoming data that suggests inflation may have peaked,” Sam Khater, chief economist at Freddie Mac, said in a statement. The 15-year fixed-rate mortgage averaged 5.98% this week, lower than last week’s 6.38%. 'The collapse in the real estate market slowed down a bit'
Source: MarketWatch - 🏆 3. / 97 Read more »
Today’s mortgage rates for November 16, 2022Looking for the most up-to-date mortgage rates to empower your purchasing or refinancing decisions? We’ve got you covered
Source: njdotcom - 🏆 282. / 63 Read more »
Sharp drop in mortgage rates does little to boost demandMortgage application volume rose 2.7% last week compared with the previous week, according to the Mortgage Bankers Association. Please bring on Liar 'Rostin Behnam' the LIAR of commodity prices... yeah let's get his advice: andrewrsorkin JoeSquawk BeckyQuick
Source: CNBC - 🏆 12. / 72 Read more »
Some homebuyers lose deposits of $10,000, $20,000, or more due to high mortgage ratesThere's a high-stakes tug of war over new homes. Many people who signed contracts before houses were built now are scared to buy them. Builders don't want them to back out and are keeping deposits. What do they think is the point of a deposit? 'Paul Schwinghammer, the president of the Indiana Builders Association'.....no way! What an amazing name. My husband and I are sympathetic about the challenge of high interest rates for homebuyers now but when we bought our home in 1984 our mortgage rate was 13 3/4%. That is not a typo!
Source: NPR - 🏆 96. / 63 Read more »
Homebuilder sentiment falls sharply in November as higher mortgage rates biteBuilder sentiment in the market for single-family homes tumbled in November to the lowest level in 10 years, indicating the housing market is officially in a recession.
Source: FoxBusiness - 🏆 458. / 53 Read more »