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A Closer Look at Inflation and its Effect on Mortgage Rates

By Lawrence Yun, Chief Economist, NATIONAL ASSOCIATION OF REALTORS®

The current inflation rate is not worrisome, but is always worth a close look, as any surprise uptick in inflation automatically pushes up mortgage rates. For all of last year, the broad Consumer Price Index (CPI) rose 1.5 percent. As of March this year, the 12-month inflation rate was also 1.5 percent. The more important “core” inflation rate, as it dictates monetary policy, however, is showing signs of accelerating.

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