Mortgage rates tick down after encouraging inflation news

A residential real estate for sale sign is seen outside the front entrance of a home. (JoelMasson - stock.adobe.com) JoelMasson - stock.adobe.com Mortgage rates dropped back to three-week lows as bond yields continued their downward trajectory on Thursday. Good news from the Bureau of Labor Statistics that inflation eased slightly from June has rekindled hope that the central bank will — at the very least — not raise rates at their next meeting on September 16. The CPI reading this week will be followed by the PCE inflation report, which is the Fed’s preferred inflation gauge. That print, which arrives in two weeks, is also expected to show inflation cooled slightly in July after June’s negative surprise, according to analysts at Oxford Economics. The CME FedWatch tool shows a 65.4% chance