Core CPI was much lower than expected in March, largely because of deterioration in travel-related costs. However, mortgage rates won’t drop much today because tariffs are still very high and will boost inflation in months to come. Core inflation was just 0.06% in March, much lower than the 0.24% expected, because of significant deflation in
The total value of homes in majority-white neighborhoods grew 5.4% year over year in 2024 to $40.4 trillion. It grew nearly as fast in majority-Black neighborhoods, rising 5.3%. Home values also grew in majority-Asian neighborhoods, but at a slightly slower pace; the total value of homes in majority-Hispanic neighborhoods grew the slowest, rising 4.2% to
The U.S. added more jobs than expected in March. But markets are focused on tariffs, which will have a much bigger impact on mortgage rates: Rates are falling today, but the future is uncertain. Today’s jobs report was stronger than expected: 228,000 U.S. jobs were added in March, and the unemployment rate stayed essentially flat.
Mortgages rates will mostly remain unchanged for now after the Fed held rates steady at its March meeting and built in expectations for higher inflation and slower economic growth amidst an extremely uncertain policy backdrop. In a relief for Wall Street, the Fed maintained their expectation that they will cut twice this year, despite expectations
The odds of a recession have increased significantly following several weeks of dramatic government policy shifts. The housing market is relatively insulated from a downturn since most homeowners have locked in low mortgage rates and are sitting on high levels of equity. Renters, however, are more susceptible to job losses. While the economy remains on
Inflation in February came in lower than expected, but the monthly report is less promising under the hood. With the added impact of extensive new tariffs looming in April, mortgage rates are unlikely to fall. Core prices were 0.23% higher in February than in January, slightly lower than expectations of a 0.28% increase, but the