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This post originally appeared in The Basis Point: The Fed’s favorite inflation gauge fell to 6.3% in October from a peak of 6.6% in September after mortgage rates plunged 0.5%
Finally, a decent trend direction for the consumer price index. September core inflation excluding food and energy (what the Fed weighs for policymaking) peaked at his 6.6%, which was a big reason mortgages topped his 7% . That number in October was 6.3% for him and the market expected him to be 6.5%, so this is great for rates today. It spurred a massive rise in bonds, which affect interest rates. And because interest rates go down when bond prices rise, mortgage rates are currently down a whopping 0.5%. A drop of this magnitude in one day may not hold up perfectly, but it’s definitely a great day for the market. Mortgage News Daily’s Matt Graham monitors rates in real time. This is his latest rate based on today’s mortgage movements.
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reference:
– Consumer prices fell below expectations in October as inflation eases (CNBC)
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