Inflation Surprises Wall Street

The U.S. government released April inflation reports early this morning and the core rate of inflation was twice what economists expected. (Guess they haven't been shopping lately....) Since the stock market had not anticipated the numbers, stocks fell on opening in reaction to the news.

Inflation increases are not good for mortgage rates either. Keep in touch with your mortgage broker if you're deciding whether to lock now or later. If you are thinking of buying a Flagstaff home, now is the time before inflation, and rates, get worse.