The October Consumer Price Index rose 0.3%, in line with estimates, though it was the largest increase since the 0.5% registered in January. The Core CPI was also in line at 0.2%. On a year-over-year basis, CPI rose to 2.5% from 2.3% in September and down from the 2018 high of 2.9% hit in June. The more important Core rate rose 2.1% from 2.2% year over year and down from 2.4% in July. Inflation data is a key metric for the Federal Reserve in its monetary policy outlook.
The Mortgage Bankers Association (MBA) reports that mortgage rates edged higher in the latest week due in part to a strengthening U.S. economy. The MBA reports that the 30-year fixed-rate mortgage rose two basis points to 5.17% with an average of 0.50 in points and fees. Within the report it showed that the Market Composite Index, a measure of total mortgage loan application volume, fell 3.2%. The refinance fell 4.3% while the purchase index declined 2.3%.
With Thanksgiving next week, here are some fun facts to share. Benjamin Franklin wanted the turkey to be the national bird, not the eagle. Americans eat 46 million turkeys each Thanksgiving. Californians consume the most turkey in the U.S. on Thanksgiving Day! The average turkey for Thanksgiving weighs 15 pounds. The Macy's Thanksgiving Day Parade began in 1924 with 400 employees marching from Convent Ave to 145th street in New York City. Modern Thanksgiving was first officially called for in all states in 1863 by a presidential proclamation of Abraham Lincoln.
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