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Rates Improve on CPI Numbers

Mortgage rates improved today by as much as .375 to the points, after the Consumer Price Index from February was reported much lower than had been expected by the market.
The CPI from February showed no change over January, while the market had anticipated an increase and priced it in already.  The market took back much of the losses from yesterday in today’s trading.

The Index of Consumer Sentiment was also posted today with stronger than expected data which is bad news for rates.  Fortunately however this report was completely overshadowed by the surprising CPI data.

Most importantly, next week, we have the FOMC meeting on Tuesday, where the Fed could again cut interest rates.   We’ll also see the PPI (Producer Price Index) reading on Tuesday.

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