Mortgage rates hit 2-month high after week of sticky inflation data ...Middle East

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Mortgage rates hit 2-month high after week of sticky inflation data
Mortgage rates jumped to a 2-month high following the release of new government data this week that showed producer and consumer prices surpassed expectations in January, further dimming prospects of Federal Reserve interest rate cuts in the near future. The average 30-year fixed mortgage rate hit 7.14 percent on Friday, according to Mortgage News Daily. Mortgage rates jumped to 7.13 percent on Tuesday after the new consumer price index (CPI) came in hotter than expected. Inflation fell to 3.1 percent in January, according to the latest data from the Bureau of Labor Statistics, down significantly from its 9 percent peak in June 2022 but far from the Fed’s goal of 2-percent inflation

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