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Morris Invest’s Real Estate Wisdom: A Blog for Savvy Investors

Mortgage Rates Surge Following New CPI Data Casting Shadow Over Spring Buying Season

Mortgage Rates Surge Following New CPI Data Casting Shadow Over Spring Buying Season

The recent Consumer Price Index (CPI) report, released this week by the Bureau of Labor Statistics, came in hotter than anticipated, impacting mortgage rates and effectively casting a shadow on the spring buying season. The data revealed a 0.4% increase, landing at 3.5%, up from February's rate of 3.2%. In the wake of this announcement, mortgage rates climbed from 7.06% the day prior, to the current rate of 7.37%, as reported by Mortgage News Daily. The new inflation numbers are keeping prospective homebuyers in a holding pattern that they were hoping to break out of. In addition, with inflation rates exceeding projections once again, the outlook for lower mortgage rates and the ability to move forward on property purchases seems a distant reality for many. This outlook is reflected in a statement...

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