Inflation Surges to the Highest Level Since 1982
As inflation surges to the highest level since 1982, the mortgage market left investors stunned. For months, investors remained on edge regarding the inflation rate. On Thursday, the latest Consumer Price Index report hit them with a powerful one-two punch.
First, the CPI inflation report soared even higher than expected. Next, the Federal Reserve a very rapid pace of rate hikes to bring down inflation. As a result, mortgage rates climbed to the highest levels in over two years. Additionally, mortgage rates skyrocketed over 100 basis points higher than a year ago at this time.
Inflation...