From Matthew Graham at Mortgage News Daily: Mortgage Rates Steady to Slightly Lower Ahead of Big Inflation Report
After spiking to the highest levels in over a month last Monday, rates have held eerily steady. To be fair, the steadiness started the following day after a moderate recovery that took the average conventional 30yr fixed rate from just over 7% to just below.
…
If any event on the calendar has the power to change this calm, sideways slide, it’s Tuesday morning’s Consumer Price Index (CPI). [30 year fixed 6.96%]
emphasis added
Tuesday:
• At 6:00 AM ET, NFIB Small Business Optimism Index for January.
• At 8:30 AM, The Consumer Price Index for January from the BLS. The consensus is for 0.2% increase in CPI, and a 0.3% increase in core CPI. The consensus is for CPI to be up 3.0% year-over-year and core CPI to be up 3.8% YoY.