Last week, inflation data came in softer than expected, which gave markets a reason to breathe.

April CPI (Consumer Price Index) fell to 2.3%, better than the 2.4% expected

April PPI (Producer Price Index) dropped to 2.4%, also below the forecast of 2.5%.

Core inflation (which takes out food and energy) came in as expected:

Core CPI: 2.8%

Core PPI: 3.1%

Mortgage rates improved today after improved economic data were released, and a speech from Powell.

Mortgage delinquencies are slightly on the rise, with a seasonally adjusted delinquency rate on one to four-unit properties increased to 4.04% of outstanding loans in the first quarter.

Today’s national average 30-year mortgage rate is 6.92%