Mortgage rates barely moved this week, with Wednesday's average rate just 0.01% lower than Tuesday and many lenders leaving pricing unchanged.
May CPI landed in line with expectations, while core inflation excluding food and energy came in slightly cooler, limiting the volatility that inflation reports can trigger in mortgage markets.
Monday brought a modest uptick from Friday, but rates then stabilized even as markets faced high-stakes economic data and war-related headlines.
The report did not signal falling prices: inflation is still rising, just not faster than expected, which was enough to keep mortgage rates steady.