Homebuyers shake off inflation fears despite hotter CPI print

Mortgage applications rose last week despite inflation climbing to 3.8%, driven by increased oil prices amid the Iran conflict. Purchase applications were 4% higher than the previous week and 7% above last year. The 10-year Treasury yield is near 4.48%, with 30-year fixed mortgage rates averaging 6.46%. The incoming Federal Reserve chair faces challenges balancing inflation control and interest rate pressures, while the mortgage industry hopes for stability and affordability.