CBS News

Inflation accelerated in January, rising 3% on an annual basis, indicating that the Federal Reserve's push to drive inflation down to a 2% annual rate has stalled out, at least temporarily. The CPI, a basket of goods and services typically bought by consumers, tracks the change in those prices over time. Mortgage rates also aren't likely to see relief anytime soon. Despite Fed cuts in 2024, mortgage rates remain near 7%, or close to a 20-year high. Mortgage rates haven't followed the arc of the Fed's rate cuts because they're based on economic data as well as the 10-year Treasury yield. "Progress on mortgage rates is only expected to occur when inflation is contained," noted National Association of Realtors® chief economist Lawrence Yun in an email.

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