The 30-year fixed rate mortgage declined to 6.61%, the most since 1981, after nearly 10 weeks of increases.
The Labor Department reported last week that consumer inflation reached 7.7% in October from a year earlier, the smallest year-over-year rise since January. Excluding volatile food and energy prices, "core" inflation rose 6.3% in the past 12 months. On Wednesday, Labor reported that prices at the wholesale level fell for the fourth straight month.
Those figures were all lower than economists had expected, but it remains to be seen whether it’s enough to get the Fed to ease off the jumbo rate hikes. There had been some hope that the Fed would begin to dial the rate increases down as more evidence comes in that prices may have peaked. However, recent comments by Fed officials have turned knocked down that optimism.
James Bullard, who leads the Federal Reserve Bank of St. Louis, said Thursday that the Fed may have to raise its benchmark interest rate much higher than it has previously projected to get inflation under control.The Associated Press contributed to this report.
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