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We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. August 12, 2026 / 10:50 AM EDT / CBS News Prospective homebuyers finally received some encouraging inflation news this week. After months of stubborn price growth, the latest inflation report offered another sign that some of those pressures may be easing. The Consumer Price Index rose 3.4% annually in July, down slightly from 3.5% in June and more noticeably from the 4.2% rate recorded in May.
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Inflation matters in this equation because mortgage rates are closely connected to what's happening in the bond market — particularly with the 10-year Treasury yield.
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