Latest inflation numbers give mortgage rates some room to fall
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Mortgage rates could be poised to retreat from 2024 highs after a key measure of inflation showed the economy continued to cool in January.
The personal consumption expenditures (PCE) price index increased 0.3 percent from December to January, and was up 2.4 percent from a year ago, the Commerce Department’s Bureau of Economic Analysis reported Thursday.
That’s an improvement from 2.6 percent annual growth in December, and shows the Federal Reserve’s key inflation metric continues to move in the right direction and is nearing the Fed’s 2 percent inflation target.