
Mortgage Rates Unlikely to Benefit from Cooling Inflation
Core CPI was much lower than expected in March, largely because of deterioration in travel-related costs. However, mortgage rates won’t drop much today because tariffs
Chen Zhao is the head of economics research, where she produces research on the housing market for public and internal audiences.
Previously, she was an executive director leading housing finance and financial markets research at the JPMorgan Chase Institute. Prior to joining JPMCI, Chen was an economics consultant at Analysis Group, Inc., where she worked on financial litigation cases and led teams conducting health economics and outcomes research on behalf of pharmaceutical companies.
While in graduate school, Chen was with the Center for Economic Studies and the Social Economic and Housing Statistics Division at the US Census Bureau, where she conducted applied microeconomics research using large scale restricted-access linked survey-administrative data. She started her career at the White House Council of Economic Advisers, where she focused on labor and health economics.

Core CPI was much lower than expected in March, largely because of deterioration in travel-related costs. However, mortgage rates won’t drop much today because tariffs

The total value of homes in majority-white neighborhoods grew 5.4% year over year in 2024 to $40.4 trillion. It grew nearly as fast in majority-Black

The U.S. added more jobs than expected in March. But markets are focused on tariffs, which will have a much bigger impact on mortgage rates:

Mortgages rates will mostly remain unchanged for now after the Fed held rates steady at its March meeting and built in expectations for higher inflation

The odds of a recession have increased significantly following several weeks of dramatic government policy shifts. The housing market is relatively insulated from a downturn

Inflation in February came in lower than expected, but the monthly report is less promising under the hood. With the added impact of extensive new

Core CPI was much lower than expected in March, largely because of deterioration in travel-related costs. However, mortgage rates won’t drop much today because tariffs

The total value of homes in majority-white neighborhoods grew 5.4% year over year in 2024 to $40.4 trillion. It grew nearly as fast in majority-Black

The U.S. added more jobs than expected in March. But markets are focused on tariffs, which will have a much bigger impact on mortgage rates:

Mortgages rates will mostly remain unchanged for now after the Fed held rates steady at its March meeting and built in expectations for higher inflation

The odds of a recession have increased significantly following several weeks of dramatic government policy shifts. The housing market is relatively insulated from a downturn

Inflation in February came in lower than expected, but the monthly report is less promising under the hood. With the added impact of extensive new