News You'll Use

Mortgage rates were mostly flat this week, as the market digested the latest inflation data. There is a Fed meeting next week, with the FOMC rate decision on Wednesday. This will give us good insight as to where the Fed sees the economy heading. There is still uncertainty about the economy, with questions surrounding inflation and whether rates have been raised too much or too little. The market has been directionless for the last couple of weeks, but the Fed has the chance to give it some direction next week. The Fed is data dependent, which in turn has the market scrutinizing every piece of economic data.

• U.S. 10-year Treasury closed at 4.28% on Thursday afternoon

• CPI came in-line with analyst's expectations (0.6% m/m)

• Core-CPI came in higher than with analyst's expectations (0.3% m/m vs expectations of +0.2% m/m)

• Retail Sales came in higher than analyst's expectations (0.6% m/m vs expectations of +0.1% m/m)

• PPI came in higher than analyst's expectations (0.7% m/m vs expectations of +0.4% m/m)

• Initial Jobless Claims came in lower than analyst's expectations (220k claims vs expectations of 225k claims)

• Mortgage Applications fell 0.8% this week