Annual U.S. inflation hits the lowest level in over three years, with a 3% increase in the consumer price index. Expectations rise for a September interest rate cut.
Data indicates the first monthly price decline (0.1%) since the start of COVID-19, as energy and vehicle costs drop, balancing out rising housing prices.
Central bank likely to cut benchmark rate given inflation closer to 2% target, prompting potential relief for homebuyers with lower mortgage rates.
Mortgage rates expected to decrease pre-Fed rate cut if intentions are clearly communicated by the central bank, following Treasury yields and inflation expectations.
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