Inflation just dropped to 3.5 percent in June.
That's a big shift from May's spike.
What does it mean for mortgage rates?
Mortgage rates take their cues from inflation.
This report means rates probably won't spike higher right now.
Core inflation still sits at 2.6 percent, above the Fed's 2 percent target.
Oil dropped from $112 per barrel in April to $68 in early June.
The Fed meets at the end of July with a 50/50 chance of a rate hike.
Bottom line: rates aren't likely headed higher in the near term.
That's not relief, but it's one less headwind for buyers.
I'm tracking these shifts daily for my Phoenix Valley clients.
DM me directly and I'll walk you through what this means for your buying power right now.
