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Key Points:
Core Consumer Price Index (CPI) inflation, which excludes volatile food and energy components, continued to accelerate on a 3-month annualized basis in September.
- While prices across tariff-sensitive goods have generally declined in recent years, price growth has turned positive in 2025.
- In the chart below, core inflation is compared with inflation across apparel, consumer electronics, recreational goods, furniture and appliances.
CPI Trends: 2021 - Present (3M/3M Annualized)
Refinancing activity measured by MBA’s weekly application survey reached the highest level seen since Q1 2022 in September.
- Conforming mortgage rates remain near the lowest levels of the year.
MBA Mortgage Application Survey
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