Real Estate

Mortgage rates drop after CPI inflation report


A prospective home buyer, left, is shown a home by a real estate agent in Coral Gables, Florida.

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The average rate on the 30-year fixed mortgage dropped to 6.28% Tuesday, according to Mortgage News Daily. It is now at the lowest level since mid-September.

The decline came after a lower-than-expected reading of the November’s consumer price index, a widely watched measure of inflation. The report sent investors rushing into U.S. Treasury bonds, causing yields to drop. Mortgage rates follow loosely the yield on the 10-year Treasury.

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