Mortgage rates experienced a notable increase last week following the release of the Consumer Price Index (CPI) report. The CPI, which measures the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services, is closely monitored by investors and economists for its impact on inflation and interest rates. The rise in mortgage rates can be attributed to the CPI report indicating higher inflation levels.

Key points from the text include:

– Mortgage rates increased after the CPI report
– The CPI report is a crucial indicator of inflation
– Inflation has a direct impact on interest rates
– The possibility of even higher rates is now being questioned due to news of a broader conflict in the Middle East. Geopolitical tensions can influence market volatility and could potentially lead to further rate hikes in the near future. Investors and homebuyers alike are closely watching these developments to gauge the potential impact on mortgage rates and overall market conditions.

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