CPI was hotter than expected which is inflationary and bad for mortgage bonds.
CPI was estimated at .7% and came in at 1.1% year or year is 5%
Core CPI, ex -food and -engergy, was estimated at .2% and came in at .3% year or year it is 2.4%
It is the biggest CPI jump in a single month since 1982, biggest year or year rise since 1991.
Bonds are down 25 bps but are down 19 bps right now but it's still early......overall not a great number but you kind of had to expect this so it could be priced in already by the traders.
The above Mortgage Market Update information was provided by Bryan Flynn of Wells Fargo Home Mortgage. Bryan can be reached at Bryan.K.Flynn@wellsfargo.com or by phone at 508.363.2223. Bryan has worked in the Central Mass and Worcester area for the past 6 years as a mortgage loan officer.
More than likely, this is one of the largest and most important financial transactions you will ever make. I have a desire to help people out and love my job. You might need a mortgage only four or five times in your entire life... but I do them every single day. It's your home and your future. It's my profession and my passion. I'm ready to work for your best interest.