The U.S. Consumer Price Index for April rose 4.2% from the same period last year, its sharpest rise since 2008. Fed officials have repeatedly suggested that along with inflation, employment will also have to pick up in a substantial and sustainable fashion before policy changes. Lately, fading inflation fears and a recent bout of soft economic data are helping bonds continue to rebound from Wednesday’s rough outing.

Refinancing activity spiked following a rate drop in early May. The MBA’s Market Composite Index posted a seasonally adjusted 2% increase in application volume from the previous week for the period ending May 7th. Driving the increase was the Refinance Index, which showed a 3% boost from one week earlier, rising to a point not seen since March.

Let’s see if higher inflation is indeed transitory or temporary in nature under market volatility. For current applications, keeping an eye on the market and/or locking in interest rates in time is strongly recommended.




Economic Calendar 
Report Period Estimate Impact
Date: Mon. May. 17
Empire State Index May 24 Moderate
Housing Market Index Apr 83.0 Moderate
Date: Tue. May. 18
Housing Starts Apr 1.710M Moderate
Building Permits Apr 1.774M Moderate
Date: Wed. May. 19
FOMC Minutes Apr NA High
Date: Thu. May. 20
Jobless Claims (Initial) 5/15 453K Moderate
Philadelphia Fed Index May 44.0 High
Today’s Rates 
Daily rate based on: SFR/Primary/LTV60/FICO 780/Purchase
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