Mortgage Rates Hit 6.97%: Should You LOCK Before CPI?

Mortgage rates are pushing toward 7% today as hot inflation data raises the odds of a Federal Reserve rate hike at next week's meeting. In this update I break down today's PPI report, rising oil and diesel prices, and what the bond market is signaling for your mortgage rate right now.

📊 PPI inflation data comes in hot, pushing year over year producer prices to 5.4%

🛢️ Oil tops $100 a barrel and diesel hits $6 a gallon, adding fresh inflation pressure

🏦 CME FedWatch now shows a 65% chance the Federal Reserve hikes rates at next week's meeting

📉 Bond market spreads point to mortgage rates pushing toward 7%, maybe higher

💼 Jobless claims and GDP data show the labor market still holding steady

🏠 What this means for homebuyers, homeowners, and anyone locking a rate this week

📖 Read the full breakdown on the blog: https://www.therateupdate.com/blog

0:00 Intro: Rates, Oil, and What the Fed Does Next

2:15 Oil and Diesel Prices Push Inflation Higher

4:00 Today's PPI Inflation Numbers Explained

6:45 Fed Rate Hike Odds and the CME FedWatch Tool