Mortgage Rates Spike to 7.14% as Inflation Remains High, Slowing Housing Market
• Mortgage rates hit 2-month high of 7.14% after sticky inflation data showing prices rising more than expected • Producer and consumer price indices for January came in hotter than forecast • Inflation fell to 3.1% in January but remains above Fed 2% target • High rates depressing home buyers - mortgage applications down in over half of states • Investors bought record 26.1% of low-priced homes in Q4 2022 amid elevated prices and rates