08/29/2024
The consumer price index rose 2.9%, according to data released by the Department of Labor. This marks the first time annual inflation has dropped below 3% since March 2021: https://bit.ly/3Mfluq6
This has reassured markets that they will get a rate cut in September and December. This should put downward pressure on mortgage rates this fall and winter and will set the stage for a much better season for homebuyers in 2025!
Inflation in the U.S. continued to cool last month, signaling imminent relief to homebuyers in the form of lower mortgage rates.